As previously announced in press releases dated October 21, 2024
and November 1, 2024 (the “Prior Announcements”), the Board of
Directors of the RiverNorth/DoubleLine Strategic Opportunity Fund,
Inc. (the “Fund”) (NYSE: OPP) has authorized and set the terms of
an offering to the Fund’s stockholders of 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.
As supplementary notice, the offering’s expiration date is
November 25, 2024. Financial intermediaries may have cut-off times
to receive instructions with respect to the offering 1-3 business
days prior to the expiration date. We encourage you to check with
your financial intermediary’s Corporate Actions department to
confirm their process for exercising your rights and their cut-off
time.
Please note that your financial intermediary may interpret
your oversubscription instructions as a “package” consisting of 2
common shares and 1 preferred share. We encourage you to confirm
your election with your financial intermediary to ensure that your
election has been interpreted properly.
As an illustrative example of how the subscription price would
be determined, if the offer expired on Monday, November 18, 2024,
the estimated subscription price per common share would be $8.33
which would be 90% of the November, 18, 2024 net asset value
(“NAV”). The subscription price per preferred share remains
$10.
A copy of the prospectus supplement for this offering, dated
October 30, 2024, can be found on the Securities and Exchange
Commission’s (“SEC”) Edgar website at
https://www.sec.gov/ix?doc=/Archives/edgar/data/0001678130/000139834424019690/fp0090848-1_424b2ixbrl.htm
or by writing the Fund at Investor Relations, 360 South Rosemary
Avenue, Suite 1420, West Palm Beach, FL 33401 or contacting
CEF@rivernorth.com. For further information please contact
CEF@rivernorth.com or call 800-646-0148.
As detailed in the Prior Announcements, in this offering, the
Fund will issue non-transferable subscription rights (“Rights”) to
its stockholders of record as of November 5, 2024 (the “Record
Date” and such stockholders “Record Date Stockholders”) allowing
the holder to subscribe for new shares of common stock and Series C
Preferred Stock of the Fund (the “Primary Subscription”). Record
Date Stockholders will receive one Right for each share of common
stock held on the Record Date. For every six Rights held, a holder
of Rights may buy two new shares of common stock and one new share
of Series C Preferred Stock of the Fund. The number of Rights to be
issued to a Record Date Stockholder will be rounded up to the
nearest number of Rights evenly divisible by six. Fractional shares
will not be issued upon the exercise of the Rights. Accordingly,
new common and preferred shares may be purchased only pursuant to
the exercise of Rights in integral multiples of six.
The shares of common stock issued as a result of the rights
offering will not be record date shares for the Fund’s monthly
distributions to be paid in October or November 2024 and therefore
will not be entitled to those distributions. The shares of
preferred stock issued will not be record dates shares for the
preferred distributions to be paid in November 2024.
Record Date Stockholders who fully exercise their Rights will be
entitled to subscribe for additional shares of common stock and
Series C Preferred Stock (“Over-Subscription Shares”), subject to
the limitations set forth in the prospectus supplement. The
Over-Subscription Shares will be allocated pro rata to stockholders
who over-subscribe based on the number of Rights originally issued
to them. The Fund may increase the number of shares of common stock
and Series C Preferred Stock subject to subscription by up to 50%
of the shares available pursuant to the Primary Subscription. The
Rights are non-transferable and, therefore, may not be purchased or
sold. The shares of common stock and Series C Preferred Stock
issued pursuant to the rights offering will be listed on the New
York Stock Exchange (“NYSE”) under the tickers: OPP, and OPPPRC,
respectively.
The subscription price per share of common stock will be
determined based upon a formula that will be no less than equal to
90% of the reported NAV or 95% of the market price per share of
common stock, whichever is higher on the Expiration Date (as
defined below). The market price per share of common stock will be
determined based on the average of the last reported sales price of
a share of common stock on the NYSE for the five trading days
preceding (and not including) the Expiration Date. The subscription
price of Series C Preferred Stock will be $10 per share. The
subscription period will expire at 5:00 p.m., Eastern Time, on
November 25, 2024, unless extended by the Board (the “Expiration
Date”).
The rights offering will be made pursuant to the Fund’s
currently effective shelf registration statement on file with the
SEC, which continues to be effective through November 10, 2024.
While the Fund’s currently effective shelf will technically expire
during the rights offering, the Fund has filed a replacement shelf
registration statement, which will extend the Fund’s ability to
utilize the existing shelf through the completion of the rights
offering. The rights offering will be made only by means of a
prospectus supplement and accompanying prospectus. A final
prospectus supplement and accompanying prospectus will be filed
with the SEC but has not been filed as of the date of this release.
The Company expects to mail subscription certificates evidencing
the subscription rights and a copy of the prospectus supplement and
accompanying prospectus for the rights offering shortly following
the Record Date. These securities described in this release may not
be sold nor may offers to purchase be accepted prior to the time
the prospectus supplement and accompanying prospectus are filed
with the SEC.
This press release shall not constitute an offer to sell or
constitute a solicitation of an offer to buy.
RiverNorth/DoubleLine Strategic Opportunity Fund,
Inc.
The investment objective of the Fund is current income and
overall total return. The Fund had approximately $341 million of
total managed assets1 and 23.0 million shares of common stock
outstanding as of September 30, 2024.
The Fund is a closed-end fund and does not continuously issue
stock for sale as open-end mutual funds do. The Fund now trades in
the secondary market. Investors wishing to buy or sell stock need
to place orders through an intermediary or broker. The share price
of a closed-end fund is based on the market value.
Risk is inherent in all investing. Investing in any investment
company security involves risk, including the risk that you may
receive little or no return on your investment or even that you may
lose part or all of your investment. Therefore, before investing in
the shares of common stock, you should consider the risks as well
as the other information in the prospectus.
Past performance is no guarantee of future results.
Investors should consider the Fund's investment objective,
risks, charges, and expenses carefully before investing. The
prospectus should be read carefully before investing. For more
information, please read the prospectus, call your financial
professional or call 844.569.4750.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that
specializes in opportunistic strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is the
manager to multiple registered and private funds.
1Managed Assets includes assets
attributable to leverage and investments in affiliated funds.
Not FDIC Insured | May Lose Value | No
Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm.
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC. ©2000-2024 RiverNorth Capital Management, LLC. All
rights reserved. OPP000141
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CEF@rivernorth.com 800-646-0148
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