Form 4: RiverNorth Capital Management Transfers Shares in RiverNorth Flexible Municipal Income Fund

RiverNorth Capital Management, LLC transferred 74,080 shares of RiverNorth Flexible Municipal Income Fund, Inc. to a sister company.

Summary

• RiverNorth Capital Management, LLC, an adviser to RiverNorth Flexible Municipal Income Fund, Inc., reported a transfer of shares.
• On November 22, 2024, 74,080 common shares of beneficial interest were transferred to a sister company within the organization.
• The transfer was not a sale and did not involve a transaction price.
• Following the transfer, RiverNorth Capital Management, LLC no longer directly owns these 74,080 shares.

Sentiment

Score: 7

Explanation: The document reflects a neutral event, a routine transfer of shares within a related group. It is neither positive nor negative for the company's performance.

Industry Context

This is a routine filing related to changes in beneficial ownership and is common for investment management firms and their related entities.

Comparison to Industry Standards

• Transfers of shares between related entities are common practice in the investment management industry.
• These types of transactions are typically done for internal restructuring or management purposes and are not unusual.
• Similar transactions are often seen with other investment firms such as BlackRock, Vanguard, and Fidelity, where internal transfers of holdings occur regularly.

Related Party Transactions

• The transfer of shares to a sister company is a related party transaction.

Stakeholder Impact

• The share transfer is unlikely to have a significant impact on shareholders as it is an internal transfer within the RiverNorth organization.

Key Dates

Keywords

RiverNorth Capital Management, RiverNorth Flexible Municipal Income Fund, Share Transfer, Beneficial Ownership, SEC Form 4, Adviser