Special Opportunities (NYSE: SPE) chair acquires Series C preferred shares

Rhea-AI Filing Summary

Special Opportunities Fund’s chairman and secretary Phillip Goldstein reported acquiring additional 2.75% Convertible Preferred Stock, Series C. He made an open-market purchase of 3,952 preferred shares at $25.09 per share, plus two small 100-share acquisitions, and now directly holds 10,250 preferred shares. These preferred shares are immediately convertible into common stock at a current ratio of 1.6813 common shares per preferred share and will be redeemed by the fund if not converted before January 21, 2027. He also reports direct ownership of 34,822 common shares.

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

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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)
03/02/2026

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	03/02/2026		L		100		(1)	(2)	Common Stock	168	$25.09	6,198	D
2.75% Convertible Preferred Stock, Series C(2)	$0	03/04/2026		L		100		(1)	(2)	Common Stock	168	$25.09	6,298	D
2.75% Convertible Preferred Stock, Series C(2)	$0	03/05/2026		P		3,952		(1)	(2)	Common Stock	6,645	$25.09	10,250	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, Power of Attorney for Phillip Goldstein	03/09/2026
	** Signature of Reporting Person	Date
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FAQ

What did Phillip Goldstein do in this SPE Form 4 filing?

Phillip Goldstein reported acquiring more 2.75% Convertible Preferred Stock, Series C of Special Opportunities Fund, Inc. (SPE). He bought 3,952 preferred shares in an open-market purchase and two additional 100-share lots, increasing his direct preferred holdings to 10,250 shares.

How many SPE preferred shares did Phillip Goldstein buy and at what price?

He made an open-market purchase of 3,952 shares of SPE’s 2.75% Convertible Preferred Stock, Series C at $25.09 per share. Two additional small acquisitions of 100 shares each were also reported as Rule 16a-6 small acquisitions.

How many SPE preferred and common shares does Goldstein now directly own?

After these transactions, Phillip Goldstein directly holds 10,250 shares of 2.75% Convertible Preferred Stock, Series C and 34,822 shares of SPE common stock. All reported holdings are classified as directly owned, not through an intermediary entity.

How is SPE’s 2.75% Series C preferred stock convertible into common stock?

The 2.75% Convertible Preferred Stock, Series C is immediately convertible into SPE common stock at a current conversion ratio of 1.6813 common shares for each preferred share. This ratio is subject to adjustment under the terms of the preferred stock.

What happens to SPE’s Series C preferred shares if they are not converted?

According to the disclosure, the shares of 2.75% Convertible Preferred Stock, Series C will be redeemed by the issuer if they are not converted into common stock on or before January 21, 2027. Holders therefore face a conversion-versus-redemption decision by that date.

What is the significance of the Rule 16a-6 small acquisitions in this SPE filing?

Two transactions labeled with code “L” are described as small acquisitions under Rule 16a-6, each for 100 preferred shares at $25.09. These represent incremental additions to Goldstein’s position, reported separately from the larger open-market purchase.