Special Opportunities Fund (NYSE: SPE) director and president reports stock sale

Rhea-AI Filing Summary

Special Opportunities Fund, Inc. insider activity shows a sale of common stock by a company leader. On 12/30/2025, a reporting person who serves as both director and president of the fund sold 4,098 shares of common stock at a weighted average price of $14.6571 per share, with individual trade prices ranging from $14.61 to $14.68. After this sale, the insider directly owned 6,064 shares of common stock. Additional holdings included 4,880 shares held by the insider’s spouse and 782 shares held by minor children, although the insider formally disclaims beneficial ownership of those indirect holdings.

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
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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^*

Dakos Andrew

(Last) (First) (Middle)

PARK 80 WEST-PLAZA TWO

250 PEHLE AVE., SUITE 708

(Street)

SADDLE BROOK NJ 07663

(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)
	President

3. Date of Earliest Transaction (Month/Day/Year)
12/30/2025

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	12/30/2025		S		4,098	D	$14.6571(1)	6,064	D
Common Stock								4,880	I(2)	By Spouse
Common Stock								782	I(3)	By Minor Children

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $14.61 to $14.68, 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.

2. The Reporting Person disclaims beneficial ownership of the securities owned by his spouse 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.

3. The Reporting Person disclaims beneficial ownership of the securities owned by his minor children 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.

	/s/ Stephanie Darling, Power of Attorney for Andrew Dakos	12/31/2025
	** 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 insider transaction did SPE report in this Form 4 filing?

The filing reports that a director and president of Special Opportunities Fund, Inc. (SPE) sold 4,098 shares of common stock on 12/30/2025.

At what price were the SPE shares sold in this insider transaction?

The 4,098 shares of SPE common stock were sold at a weighted average price of $14.6571 per share, with individual trades executed between $14.61 and $14.68 per share.

How many SPE shares does the insider own after the reported sale?

Following the reported sale, the insider directly owns 6,064 shares of Special Opportunities Fund, Inc. common stock.

Does the SPE insider have indirect ownership through family members?

Yes. The filing notes 4,880 shares held by the insider’s spouse and 782 shares held by minor children. The insider disclaims beneficial ownership of these indirectly held shares.

What does it mean that the SPE insider disclaims beneficial ownership?

By disclaiming beneficial ownership of shares held by a spouse and minor children, the insider states these holdings should not be treated as personally owned for Section 16 or other purposes, even though they are reported for transparency.

Was this SPE insider transaction executed as a single trade or multiple trades?

The filing explains that the sale price is a weighted average and that the 4,098 shares were sold in multiple transactions at prices between $14.61 and $14.68 per share.