WEST PALM BEACH, Fla.–(BUSINESS WIRE)–As introduced in a press launch dated October 21, 2024 (the Prior Announcement), the Board of Administrators of the RiverNorth/DoubleLine Strategic Alternative Fund, Inc. (the Fund) (NYSE: OPP) has approved and set the phrases of an providing to the Fund’s stockholders of inseparable non-transferable rights to buy further shares of widespread inventory and newly issued 6.00%, 3-12 months Time period, Sequence C Time period Most well-liked Inventory (the Sequence C Most well-liked Inventory) of the Fund.
Particulars of the Fund’s providing could be discovered within the prospectus complement, dated October 30, 2024. The prospectus complement could be discovered on the Securities and Trade Fee’s (SEC) Edgar web site at: https://www.sec.gov/ix?doc=/Archives/edgar/knowledge/0001678130/000139834424019690/fp0090848-1_424b2ixbrl.htm.
Please keep in mind that the file date for shareholders to be eligible to take part within the supply is November 5, 2024.
For additional data please contact CEF@rivernorth.com or name 800-646-0148.
As detailed within the Prior Announcement, on this providing, the Fund will situation non-transferable subscription rights (Rights) to its stockholders of file as of November 5, 2024 (the Document Date and such stockholders Document Date Stockholders) permitting the holder to subscribe for brand new shares of widespread inventory and Sequence C Most well-liked Inventory of the Fund (the Major Subscription). Document Date Stockholders will obtain one Proper for every share of widespread inventory held on the Document Date. For each six Rights held, a holder of Rights could purchase two new shares of widespread inventory and one new share of Sequence C Most well-liked Inventory of the Fund. The variety of Rights to be issued to a Document Date Stockholder will likely be rounded as much as the closest variety of Rights evenly divisible by six. Fractional shares won’t be issued upon the train of the Rights. Accordingly, new widespread and most well-liked shares could also be bought solely pursuant to the train of Rights in integral multiples of six.
The shares of widespread inventory issued on account of the rights providing won’t be file date shares for the Fund’s month-to-month distributions to be paid in October or November 2024 and subsequently won’t be entitled to these distributions. The shares of most well-liked inventory issued won’t be file dates shares for the popular distributions to be paid in November 2024.
Document Date Stockholders who absolutely train their Rights will likely be entitled to subscribe for extra shares of widespread inventory and Sequence C Most well-liked Inventory (Over-Subscription Shares), topic to the restrictions set forth within the prospectus complement. The Over-Subscription Shares will likely be allotted professional rata to stockholders who over-subscribe based mostly on the variety of Rights initially issued to them. The Fund could enhance the variety of shares of widespread inventory and Sequence C Most well-liked Inventory topic to subscription by as much as 50% of the shares accessible pursuant to the Major Subscription. The Rights are non-transferable and, subsequently, might not be bought or bought. The shares of widespread inventory and Sequence C Most well-liked Inventory issued pursuant to the rights providing will likely be listed on the New York Inventory Trade (NYSE) underneath the tickers: OPP, and OPPPRC, respectively.
The subscription worth per share of widespread inventory will likely be decided based mostly upon a components that will likely be a minimum of equal to 90% of the reported internet asset worth or 95% of the market worth per share of widespread inventory, whichever is greater on the Expiration Date (as outlined beneath). The market worth per share of widespread inventory will likely be decided based mostly on the common of the final reported gross sales worth of a share of widespread inventory on the NYSE for the 5 buying and selling days previous (and never together with) the Expiration Date. The subscription worth of Sequence C Most well-liked Inventory will likely be $10 per share. The subscription interval will expire at 5:00 p.m., Japanese Time, on November 25, 2024, except prolonged by the Board (the Expiration Date).
The rights providing will likely be made pursuant to the Fund’s at present efficient shelf registration assertion on file with the SEC, which continues to be efficient by way of November 10, 2024. Whereas the Fund’s at present efficient shelf will technically expire throughout the rights providing, the Fund has filed a substitute shelf registration assertion, which can lengthen the Fund’s potential to make the most of the prevailing shelf by way of the completion of the rights providing. The rights providing will likely be made solely by the use of a prospectus complement and accompanying prospectus. A closing prospectus complement and accompanying prospectus will likely be filed with the SEC however has not been filed as of the date of this launch. The Firm expects to mail subscription certificates evidencing the subscription rights and a replica of the prospectus complement and accompanying prospectus for the rights providing shortly following the Document Date. These securities described on this launch might not be bought nor could gives to buy be accepted previous to the time the prospectus complement and accompanying prospectus are filed with the SEC.
This press launch shall not represent a proposal to promote or represent a solicitation of a proposal to purchase.
RiverNorth/DoubleLine Strategic Alternative Fund, Inc.
The funding goal of the Fund is present earnings and general whole return. The Fund had roughly $341 million of whole managed assets1 and 23.0 million shares of widespread inventory excellent as of September 30, 2024.
The Fund is a closed-end fund and doesn’t repeatedly situation inventory on the market as open-end mutual funds do. The Fund now trades within the secondary market. Traders wishing to purchase or promote inventory want to put orders by way of an middleman or dealer. The share worth of a closed-end fund relies in the marketplace worth.
Threat is inherent in all investing. Investing in any funding firm safety includes threat, together with the danger that you could be obtain little or no return in your funding and even that you could be lose half or all your funding. Subsequently, earlier than investing within the shares of widespread inventory, it’s best to think about the dangers in addition to the opposite data within the prospectus.
Previous efficiency isn’t any assure of future outcomes.
Traders ought to think about the Fund’s funding goal, dangers, expenses, and bills rigorously earlier than investing. The prospectus ought to be learn rigorously earlier than investing. For extra data, please learn the prospectus, name your monetary skilled or name 844.569.4750.
RiverNorth Capital Administration, LLC
RiverNorth is an funding administration agency based in 2000 that focuses on opportunistic methods in area of interest markets the place the potential to take advantage of inefficiencies is best. RiverNorth is the supervisor to a number of registered and personal funds.
1Managed Belongings consists of belongings attributable to leverage and investments in affiliated funds.
Not FDIC Insured | Could Lose Worth | No Financial institution Assure
ALPS Distributors, Inc. is the FINRA Member Agency.
RiverNorth ® is a registered trademark of RiverNorth Capital Administration, LLC.
©2000-2024 RiverNorth Capital Administration, LLC. All rights reserved.
OPP000140
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CEF@rivernorth.com
800-646-0148.
Supply: RiverNorth Capital Administration, LLC
