CHICAGO--(BUSINESS WIRE)--RiverNorth Capital Management, LLC (“RiverNorth”), an investment management firm specializing in opportunistic strategies, announced today the issuance of 508,519 common shares of RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (NYSE: OPP) (the “Fund”) at a price of $19.60 per share pursuant to exercise of the underwriters’ over-allotment option on November 16, 2016, resulting in net proceeds to the Fund of $9,966,972.40. The Fund raised initial gross proceeds of $205,379,795.92 in its initial public offering of shares of common stock, which concluded September 27, 2016. The Fund’s initial public offering, including the exercise of the over-allotment option, resulted in net proceeds to the Fund of $215,346,768.32.
In a recent video filmed by RiverNorth, CIO and Portfolio Manager Patrick Galley discusses the launch of the Fund with Senior Portfolio Specialist Allen Webb. The video is now available at RiverNorth’s website: http://www.rivernorth.com/videos/fund-update-rivernorth-doubleline-strategic-opportunity-fund-opp.
RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With approximately $3.6 billion in assets under management as of October 31, 2016, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the investment manager to multiple registered and private funds.
Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 800.617.0004.
The Fund is a closed-end fund, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering has closed, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.
Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering.
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.
Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of the Fund, you should consider the risks as well as the other information in the prospectus.
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP.
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