SPE insider buys Series C preferred shares

Rhea-AI Filing Summary

Phillip Goldstein, a director and officer of SPECIAL OPPORTUNITIES FUND, INC., reported open-market purchases of the fund’s 2.75% Convertible Preferred Stock, Series C. He bought 30 shares at $25.09 per share on February 24, 2026 and 100 shares at $25.05 per share on February 23, 2026, all held directly.

After these trades, he directly owned 250 shares of this preferred stock. Each preferred share is currently convertible into 1.6813 shares of common stock, and the preferred shares will be redeemed by the issuer if not converted before January 21, 2027. A separate line shows direct ownership of 34,822 common shares.

Insider Trade Summary

Net Buyer: 130 shares

Net Buy 3 txns

Insider GOLDSTEIN PHILLIP

Role Chairman and Secretary

Bought 130 shs ($3K)

Type	Security	Shares	Price	Value
Purchase	2.75% Convertible Preferred Stock, Series C	30	$25.09	$752.70
Purchase	2.75% Convertible Preferred Stock, Series C	100	$25.05	$3K
holding	Common Stock	--	--	--

Holdings After Transaction: 2.75% Convertible Preferred Stock, Series C — 250 contracts (Direct); Common Stock — 34,822 shares (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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Phillip Goldstein report for SPE?

Phillip Goldstein reported buying 130 shares of SPECIAL OPPORTUNITIES FUND’s 2.75% Convertible Preferred Stock, Series C in open-market transactions. He purchased 100 shares at $25.05 and 30 shares at $25.09 per share, increasing his direct preferred holdings to 250 shares.

What type of security did SPE’s insider purchase on this Form 4?

The insider bought 2.75% Convertible Preferred Stock, Series C of SPECIAL OPPORTUNITIES FUND, INC. This preferred stock is currently convertible into 1.6813 shares of common stock per preferred share and carries a 2.75% rate, offering both income and potential equity exposure.

At what prices did the SPE insider buy the preferred shares?

Goldstein’s open-market purchases were made at prices of $25.05 and $25.09 per preferred share. He acquired 100 shares at $25.05 on February 23, 2026 and 30 shares at $25.09 on February 24, 2026, all reported as directly owned.

How many SPE preferred shares does the insider own after these trades?

Following the reported transactions, Goldstein directly owns 250 shares of SPECIAL OPPORTUNITIES FUND’s 2.75% Convertible Preferred Stock, Series C. This total reflects the addition of 130 newly purchased shares on February 23 and 24, 2026 to his prior preferred holdings.

What is the conversion ratio for SPE’s Series C preferred stock?

Each share of the 2.75% Convertible Preferred Stock, Series C is currently convertible into 1.6813 shares of common stock. The conversion ratio may be adjusted, but the footnote specifies 1.6813 as the current number of common shares per preferred share held.

When must SPE’s Series C preferred stock be converted before redemption?

The Series C preferred stock will be redeemed by the issuer if it is not converted before January 21, 2027. This means holders have until that date to convert their preferred shares into common stock, based on the prevailing conversion ratio disclosed.

How many SPE common shares does the insider hold directly?

The filing shows Goldstein directly owning 34,822 shares of SPECIAL OPPORTUNITIES FUND common stock. This figure is reported as his total direct common share holdings following the relevant date, separate from his directly held convertible preferred stock position.

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

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Accepted by SEC EDGAR 02/25/2026 - 05:01 PM Learn about SEC filing dates

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)
02/23/2026

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	02/23/2026		P		100		(1)	(2)	Common Stock	168	$25.05	220	D
2.75% Convertible Preferred Stock, Series C(2)	$0	02/24/2026		P		30		(1)	(2)	Common Stock	50	$25.09	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, as Power of Attorney for Phillip Goldstein	02/25/2026
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.