Form 4: RFMZ Portfolio Manager Sells 10,061 Shares

Robert A. DiMella, a Portfolio Manager for RiverNorth Flexible Municipal Income Fund II, Inc., sold 10,061 shares of common stock under a pre-arranged trading plan.

Summary

• Robert A. DiMella, a Portfolio Manager for RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ), reported a sale of common stock.
• The transaction involved the disposition of 10,061 shares of common stock.
• The shares were sold on November 20, 2025, at an average price of $12.786 per share.
• The sale was executed pursuant to a Rule 10b5-1(c) pre-arranged trading plan.
• Following this transaction, DiMella beneficially owns 0.0125 shares of RFMZ common stock directly.
• The price range for the sales on November 20, 2025, was from $12.7793 to $12.8200.

Sentiment

Score: 3

Explanation: The sale of a significant portion of shares by a Portfolio Manager, even under a 10b5-1 plan, typically indicates a negative sentiment or at least a lack of strong positive conviction from an insider. The remaining beneficial ownership is minimal.

Positives

• The transaction was conducted under a Rule 10b5-1(c) plan, indicating a pre-scheduled sale rather than an immediate reaction to new information.

Negatives

• A significant sale of 10,061 shares by a Portfolio Manager, reducing their direct beneficial ownership to a minimal 0.0125 shares, could be perceived negatively by investors as a lack of confidence.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: May interpret the significant insider sale as a negative signal, potentially leading to decreased investor confidence or downward pressure on the stock price.

Key Dates

Recommendation

The significant sale of shares by a Portfolio Manager, reducing their direct beneficial ownership to a negligible amount, suggests a lack of conviction in the company's future performance. While executed under a 10b5-1 plan, the sheer volume of the sale and the minimal remaining stake warrant a cautious approach, indicating a potential 'sell' signal for investors.

Keywords

RFMZ, RiverNorth Flexible Municipal Income Fund II, Robert A. DiMella, Insider Sale, Form 4, SEC Filing, Portfolio Manager, Common Stock, 10b5-1 Plan