In This Article:
WEST PALM BEACH, Fla., November 26, 2024--(BUSINESS WIRE)--RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the "Fund") (NYSE: OPP) today announced the preliminary results of its inseparable non-transferable rights to purchase additional shares of common stock and newly issued 6.00%, 3-Year Term, Series C Term Preferred Stock (the "Series C Preferred Stock") of the Fund (the "Offering") that expired on November 25, 2024 (the "Expiration Date"). In the Offering, the Fund received subscription requests for 838,486 shares of common stock and 419,243 shares of Series C Preferred Stock from rights holders. Accordingly, the Fund expects to issue 838,486 new shares of common stock and 419,243 shares of Series C Preferred Stock for these subscriptions, pending the receipt of payment for "delivery-guaranteed" subscriptions, on or about December 2, 2024. Gross proceeds from the Offering are expected to total approximately $11.2 million, before expenses.
The foregoing numbers are estimates only. The Fund will announce the final results of the Offering in a press release on or about November 27, 2024.
The Offering’s final subscription price per common share was determined to be $8.42. The subscription price was established pursuant to the terms of the Offering and based on a formula equal to 90% of the reported net asset value ("NAV"). Using the formula described above, the NAV per share was $9.35. The final subscription price is lower than the original estimated subscription price of $8.51 per common share. Accordingly, any excess payments will be returned to subscribing rights holders as soon as practicable, in accordance with the prospectus supplement and accompanying prospectus, filed with the Securities and Exchange Commission ("SEC") on October 30, 2024. The subscription price per share of Series C Preferred Stock remains $10.
The shares of common stock issued as a result of the Offering will not be record date shares for the Fund’s monthly distributions paid in October or November 2024. The shares of Series C Preferred Stock issued as a result of the Offering will not be record date shares for the Fund’s preferred distributions to be paid in November 2024. The new common stock and Series C Preferred Stock are expected to be issued on, or about, December 2, 2024 and the new Series C Preferred Stock is expected to begin trading on the New York Stock Exchange under the symbol OPPPRC on December 3, 2024.
This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy.