SPECIAL OPPORTUNITIES FUND, INC. — Director's Dealing 2021

Jul 14, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: SPECIAL OPPORTUNITIES FUND, INC. (SPE)
CIK: 0000897802
Period of Report: 2021-07-09

Reporting Person: Dakos Andrew (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-07-09	Common Stock	M	6257	—	Acquired	12178	Direct
2021-07-09	Common Stock	M	1889	—	Acquired	6225	Indirect
2021-07-09	Common Stock	M	303	—	Acquired	936	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-07-09	3.50% Convertible Preferred Stock Series B	$0	M	3200	Disposed		Common Stock (6257)	Direct
2021-07-09	3.50% Convertible Preferred Stock Series B	$0	M	966	Disposed		Common Stock (1889)	Indirect
2021-07-09	3.50% Convertible Preferred Stock Series B	$0	M	156	Disposed		Common Stock (303)	Indirect

Footnotes

F1: 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.

F2: 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.

F3: On July 9, 2021 the Reporting Person converted 3,200 shares of the Registrant's 3.50% Convertible Preferred Stock Series B into 6,257 shares of the Registrant's common stock.

F4: On July 9, 2021 966 shares of the Registrant's 3.50% Convertible Preferred Stock Series B owned by the Reporting Person's spouse were converted into 1,889 shares of the Registrant's common stock.

F5: On July 9, 2021 156 shares of the Registrant's 3.50% Convertible Preferred Stock Series B owned by the Reporting Person's minor children were converted into 303 shares of the Registrant's common stock.

F6: The shares of Preferred Stock are convertible into common stock immediately upon issuance at the current conversion ratio of 1.9558 shares of common stock for each share of Preferred Stock held, subject to adjustment.

F7: The Issuer has announced that, if not converted prior, the shares of Preferred Stock will be redeemed by the Issuer on July 9, 2021.