[144] Special Opportunities Fund, Inc. SEC Filing

Rhea-AI Filing Summary

Special Opportunities Fund, Inc. (SPE) filed a Form 144 indicating the intended sale of 1,085 common shares through Fidelity Brokerage on 30 June 2025. The shares represent roughly 0.05% of the fund’s 2,235,775 shares outstanding and carry an aggregate market value of $26,994.80. The seller—Kovitz Investment Group—acquired the position via open-market purchase on 26 January 2022 and plans to execute the sale on the NYSE.

The notice also reveals that the same account has already disposed of 6,061 shares over the last three months in four transactions, realising gross proceeds of about $382,983. Under Rule 144, the filer certifies it is not aware of undisclosed material information about SPE.

Because the proposed sale is immaterial to total shares outstanding, market impact should be limited; however, the pattern of continued selling could be viewed as a mild supply-overhang signal by investors.

Positive

• Transparent Rule 144 disclosure gives investors advance notice of the trade.
• Sale size is immaterial (~0.05% of shares), limiting dilution or price pressure.

Negative

• Continued insider selling—6,061 shares sold in prior three months—may signal limited confidence.
• Potential supply overhang from the planned 1,085-share sale, albeit small.

Insights

Financial Analyst

TL;DR: Small Rule 144 sale; unlikely to move SPE fundamentals, but ongoing disposals may pressure sentiment.

The 1,085-share sale equals about 0.05% of outstanding equity and follows 6,061 shares already sold in Q2-2025. At less than US$27k, the transaction is negligible relative to SPE’s market capitalisation. Liquidity on the NYSE should easily absorb the trade, so price impact is expected to be minimal. Still, frequent sales by the same holder could signal continued profit-taking and modest supply overhang, warranting monitoring but not immediate concern.

Corporate Governance Expert

TL;DR: Filing shows compliant, transparent insider sale; governance risk minimal, sentiment modestly negative.

The filer met Rule 144 disclosure standards, signalling sound compliance. No undisclosed information is asserted, reducing governance risk. While repetitive selling can raise perception questions, the scale does not suggest insider distress or strategic shift. Overall impact is neutral, with transparency a slight positive offsetting mild negative optics of insider selling.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common Stock	Fidelity Brokerage Services LLC 245 Summer Street Boston MA 02110	1085	26994.80	2235775	06/30/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Preferred	01/26/2022	open Market Purchase	Open Market Purchase			1085	01/26/2022	Cash/Check

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860, Chicago IL 60606	Special Opportunities Fund	04/08/2025	1091	262643.83
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860 Chicago IL 60606	Special Opportunities Fund	05/14/2025	1222	29450.20
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860, Chicago IL 60606	Special Opportunities Fund	05/29/2025	1862	45153.50
Kovitz Investment Group Par 71 S Wacker Dr Suite 1860 Chicago IL 60606	Special Opportunities Fund	06/04/2025	1886	45735.50

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Special Opportunities Fund (SPE) shares are proposed for sale in this Form 144?

The filing covers 1,085 common shares, valued at approximately $26,994.80.

When is the anticipated sale date for the 1,085 SPE shares?

The filer targets 30 June 2025 as the approximate sale date.

How many SPE shares has the filer sold over the past three months?

A total of 6,061 shares were sold in four transactions, generating about $382,983 in gross proceeds.

What percentage of SPE’s outstanding shares does the new sale represent?

Roughly 0.05% of the 2,235,775 shares outstanding.

Which broker is handling the proposed SPE share sale?

Fidelity Brokerage Services LLC, 245 Summer Street, Boston, MA 02110.