Andrew Dakos (SPE) records insider sales in common and convertible preferred stock
Rhea-AI Filing Summary
SPECIAL OPPORTUNITIES FUND, INC. director and President/CEO Andrew Dakos reported open-market sales of the fund’s securities. He sold 5,184 shares of common stock directly at prices around $14.02–$14.11 and 200 shares of 2.75% Convertible Preferred Stock, Series C at $25.00 per share. A limited partnership associated with him sold an additional 133 common shares, and he disclaims beneficial ownership of indirect holdings. After these transactions, he continues to have indirect exposure through 5,038 common shares held by his spouse and 807 shares held for his minor children, while his direct preferred stock position was reduced to zero.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 6,394 shares
Net Sell
6 txns
Insider
Dakos Andrew
Role
President and CEO
Sold
6,594 shs ($95K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 5,184 | $14.11 | $73K |
| Sale | Common Stock | 133 | $14.07 | $2K |
| Sale | 2.75% Cconvertible Preferred Stock, Series C | 200 | $25.00 | $5K |
| Sale | Common Stock | 1,077 | $14.02 | $15K |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
2.75% Cconvertible Preferred Stock, Series C — 0 shares (Direct);
Common Stock — 0 shares (Direct);
Common Stock — 0 shares (Indirect, By Limited Partnership);
Common Stock — 5,038 shares (Indirect, By Spouse);
Common Stock — 807 shares (Indirect, By minor children)
Footnotes (6)
- F1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions ranging from $14.04 to $14.24, inclusive. The reporting person hereby undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.
- F2. Amount includes shares acquired through the issuer's in-kind stock distribution in January 2026.
- F3. The Reporting Person disclaims beneficial ownership of the securities held Indirectly, and this report should not be deemed an admission that the Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purposes.
- F4. Shares were acquired by the limited partnership through the issuer's in-kind stock distribution in January 2026.
- F5. The shares of Preferred Stock are convertible into common stock immediately upon issuance at a conversion ratio which is subject to adjustment. The current conversion ratio is equal to 1.7190 shares of common stock for each share of Preferred Stock held.
- F6. The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.
Key Figures
Common shares sold (total): 6,594 shares
Direct common shares sold 2026-06-03: 5,184 shares at $14.11/share
Direct common shares sold 2026-06-02: 1,077 shares at $14.02/share
+5 more
8 metrics
Common shares sold (total)
6,594 shares
Net common stock sold across reported open-market transactions
Direct common shares sold 2026-06-03
5,184 shares at $14.11/share
Open-market sale of SPE common stock
Direct common shares sold 2026-06-02
1,077 shares at $14.02/share
Open-market sale of SPE common stock
Limited partnership sale
133 shares at $14.07/share
Indirect common stock sale by limited partnership
Preferred shares sold
200 shares at $25.00/share
2.75% Convertible Preferred Stock, Series C sale
Common shares held by spouse
5,038 shares
Indirect ownership entry as of 2026-06-02
Common shares held for minor children
807 shares
Indirect ownership entry as of 2026-06-02
Preferred conversion ratio
1.7190 common shares per preferred share
Current conversion ratio for Series C preferred stock
Key Terms
weighted average price, in-kind stock distribution, convertible Preferred Stock, Series C, conversion ratio, +1 more
5 terms
weighted average price financial
"The price reported in Column 4 is a weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
in-kind stock distribution financial
"Amount includes shares acquired through the issuer's in-kind stock distribution in January 2026."
convertible Preferred Stock, Series C financial
"The shares of Preferred Stock are convertible into common stock immediately upon issuance..."
conversion ratio financial
"The current conversion ratio is equal to 1.7190 shares of common stock for each share of Preferred Stock held."
The conversion ratio is the number of common shares an investor receives when a convertible security (like a bond or preferred share) or an exchangeable instrument is turned into ordinary stock. It matters because it tells investors how much ownership or dilution will occur — similar to knowing how many slices you get when you trade in a coupon — and directly affects the value you get from the convertible and the company’s future share count.
redeemed financial
"The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transactions did Andrew Dakos report in SPE stock?
Andrew Dakos reported open-market sales of SPE securities, including common and preferred shares. He sold 5,184 common shares directly and 200 shares of 2.75% Convertible Preferred Stock, Series C, along with 133 common shares sold by a related limited partnership.
What happened to Andrew Dakos’s preferred stock position in SPE?
Dakos sold 200 shares of 2.75% Convertible Preferred Stock, Series C at $25.00 per share, leaving a reported remaining balance of zero preferred shares. These preferred shares are convertible into common stock at a stated conversion ratio in the filing.
What is the conversion ratio on SPE’s 2.75% Convertible Preferred Stock, Series C?
Each share of 2.75% Convertible Preferred Stock, Series C is currently convertible into 1.7190 shares of SPE common stock. The filing notes this ratio is subject to adjustment, and the preferred shares will be redeemed if not converted by January 21, 2027.
Does Andrew Dakos claim beneficial ownership of all indirect SPE holdings?
No. The filing states Dakos disclaims beneficial ownership of securities held indirectly, such as those in a limited partnership. This disclosure means he does not admit beneficial ownership of those securities for Section 16 or any other purposes.