Special Opportunities chair buys Series C preferred

Accepted by SEC EDGAR 03/02/2026 - 05:15 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Special Opportunities Fund, Inc. director and officer Phillip Goldstein reported open-market purchases of the fund’s 2.75% Convertible Preferred Stock, Series C. He bought 5,821 shares on February 27, 2026 and 27 shares on February 26, 2026, both at $25.09 per share.

The filing notes that each preferred share is currently convertible into 1.6813 common shares, and that any preferred shares not converted will be redeemed by the fund if still outstanding on January 21, 2027. It also reports his direct holding of 34,822 common shares.

Insider Trade Summary

Net Buyer: 5,848 shares

Net Buy 2 txns

Insider GOLDSTEIN PHILLIP

Role Chairman and Secretary

Bought 5,848 shs ($147K)

Type	Security	Shares	Price	Value
Purchase	2.75% Convertible Preferred Stock, Series C	5,821	$25.09	$146K
Purchase	2.75% Convertible Preferred Stock, Series C	27	$25.09	$677.43
Holding	Common Stock	--	--	--

Holdings After Transaction: 2.75% Convertible Preferred Stock, Series C — 6,098 contracts (Direct); Common Stock — 34,822 shares (Direct)

Holdings Before and After: 2.75% Convertible Preferred Stock, Series C, 250 to 6,098 contracts (Direct)

Footnotes (2)

1. F1. 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 1.6813 shares of common stock for each share of Preferred Stock held.
2. F2. The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

FAQ

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What insider transactions did Phillip Goldstein report for SPECIAL OPPORTUNITIES FUND (SPE)?

Phillip Goldstein reported buying 5,821 and 27 shares of 2.75% Convertible Preferred Stock, Series C, on February 27 and 26, 2026, respectively, at $25.09 per share, as direct open-market purchases.

What type of security did the SPE insider purchase on these Form 4 transactions?

The insider purchased 2.75% Convertible Preferred Stock, Series C. This preferred stock carries a stated 2.75% rate and is convertible into common stock at a specified ratio disclosed in the filing’s footnotes.

What is the conversion ratio for SPE’s 2.75% Convertible Preferred Stock, Series C?

Each share of the 2.75% Convertible Preferred Stock, Series C, is currently convertible into 1.6813 shares of common stock, with the conversion ratio subject to adjustment as described in the filing’s footnotes.

When will SPE’s 2.75% Convertible Preferred Stock, Series C be redeemed if not converted?

Any shares of 2.75% Convertible Preferred Stock, Series C, that remain unconverted will be redeemed by Special Opportunities Fund, Inc. if they are still outstanding on January 21, 2027, according to the disclosed terms.

What common stock holdings did Phillip Goldstein report for SPE?

The filing reports that Phillip Goldstein directly owns 34,822 shares of Special Opportunities Fund, Inc. common stock. This figure reflects his reported direct common share holdings as of the transaction reporting date in the Form 4.

Were the SPE insider’s preferred stock purchases open-market transactions?

Yes. Both preferred stock purchases are coded as “P” with the description “Purchase in open market or private transaction,” indicating that they were open-market purchases at a reported price of $25.09 per share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

GOLDSTEIN PHILLIP

(Last) (First) (Middle)

60 HERITAGE DRIVE

(Street)

PLEASANTVILLE NY 10570

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SPECIAL OPPORTUNITIES FUND, INC. [ SPE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Chairman and Secretary		Affiliate of the Adviser

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock								34,822	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
2.75% Convertible Preferred Stock, Series C(2)	$0	02/26/2026		P		27		(1)	(2)	Common Stock	45	$25.09	277	D
2.75% Convertible Preferred Stock, Series C(2)	$0	02/27/2026		P		5,821		(1)	(2)	Common Stock	9,787	$25.09	6,098	D

Explanation of Responses:

1. 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 1.6813 shares of common stock for each share of Preferred Stock held.

2. The shares of Preferred Stock will be redeemed by the Issuer if not converted prior to January 21, 2027.

	/s/ Stephanie Darling, as Power of Attorney for Phillip Goldstein	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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