Phillip Goldstein Files Form 4 — 34,822 SPE Shares Sold; Preferred Conversion Terms

Rhea-AI Filing Summary

Phillip Goldstein, identified as a director and officer 08/22/2025. The filing shows a disposal of 34,822 shares of Common Stock in Table I. Table II reports a 2.75% Convertible Preferred Stock, Series C transaction dated 08/22/2025 with 3,000 shares 1.5303 common shares per preferred share. The preferred shares will be redeemed by the issuer if not converted before January 21, 2027. The form is signed by Stephanie Darling as Power of Attorney for Mr. Goldstein on 08/25/2025. The filing shows an additional entry referencing 4,591 common shares at a price of $25.10

Positive

• Timely disclosure of insider transactions by a director/officer, including conversion terms for preferred stock
• Conversion ratio and redemption date for Series C preferred are explicitly stated, improving transparency about potential dilution
• Form signed via Power of Attorney, indicating procedural compliance with filing requirements

Negative

• Significant disposal of 34,822 common shares reported, which may be viewed negatively by some investors
• Insufficient contextual metrics in the filing (no outstanding share count or ownership percentages) preventing assessment of proportional impact

Insights

Financial Analyst

TL;DR: Insider reported multiple disposals including 34,822 common shares and transactions involving Series C preferred that convert to common stock.

The filing documents significant insider selling activity on 08/22/2025 by a director/officer. The disposal of 34,822 common shares is a material share count to note relative to outstanding float

Corporate Governance Expert

TL;DR: Insider sale is clearly disclosed; conversion terms and redemption date for preferred stock are stated, aiding governance transparency.

The Form 4 lists the reporting person as both director and officer and discloses multiple security movements on a single date. Providing the conversion ratio and redemption date for the Series C preferred improves transparency about potential future dilution if conversion occurs. The signature via power of attorney is properly indicated. The filing does not provide contextual ownership percentages or issuer outstanding share counts, limiting assessment of proportional impact.

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

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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)		Other (specify below)
	Chairman and Secretary

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		S			3,000	(1)	(2)	Common Stock	4,591	$25.1	120	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 1.5303 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	08/25/2025
	** 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.

FAQ

What did Phillip Goldstein report on Form 4 for SPE?

The filing reports a disposal of 34,822 common shares dated 08/22/2025 and transactions involving 3,000 shares of 2.75% Convertible Preferred Stock, Series C, on the same date.

What is the conversion ratio for the Series C preferred in the SPE Form 4?

The filing states the current conversion ratio is 1.5303 common shares per preferred share.

When will the Series C preferred shares be redeemed if not converted?

The shares of Series C preferred will be redeemed by the issuer if not converted prior to January 21, 2027.

Was the Form 4 signed directly by Phillip Goldstein?

No, the form is signed by Stephanie Darling as Power of Attorney for Phillip Goldstein on 08/25/2025.

Does the Form 4 show the price for any disposed securities?

The Table II entry references 4,591 common shares at $25.10; the Table I disposal of 34,822 common shares does not show a price in the provided content.