Form 4: SPE President Sells Shares Under 10b5-1 Plan

Andrew Dakos, President and Director of Special Opportunities Fund, Inc., sold 4,098 shares of common stock at a weighted average price of $14.6571.

Summary

• Andrew Dakos, who serves as President and Director of SPECIAL OPPORTUNITIES FUND, INC. (SPE), reported a transaction involving the company's common stock.
• On December 30, 2025, Dakos disposed of 4,098 shares of SPE common stock.
• The shares were sold at a weighted average price of $14.6571, with individual transaction prices ranging from $14.61 to $14.68.
• This transaction was executed pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged sale.
• Following the sale, Dakos directly beneficially owns 6,064 shares of common stock.
• Additionally, 4,880 shares are indirectly owned by his spouse and 782 shares by his minor children, for which Dakos disclaims beneficial ownership.

Sentiment

Score: 4

Explanation: The sale of shares by a director and president, Andrew Dakos, is generally perceived as a negative signal, even though it was conducted under a Rule 10b5-1 plan. Such plans indicate pre-scheduled sales, which can mitigate the negative sentiment compared to an unplanned sale, but it still represents a reduction in insider ownership.

Positives

• The transaction was made pursuant to a Rule 10b5-1(c) plan, which suggests the sale was pre-scheduled and not necessarily a reaction to recent negative company-specific news.

Negatives

• Andrew Dakos, a key executive and director, sold 4,098 shares of common stock, which can sometimes be perceived negatively by the market as a reduction in insider ownership.

Risks

• Potential negative market perception due to insider selling by a high-ranking executive and director, even if conducted under a pre-planned Rule 10b5-1 arrangement.

Future Outlook

NA

Management Comments

• The reporting person undertakes to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request to the issuer, any security holder, or the SEC staff.
• 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.
• 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.

Industry Context

NA

Stakeholder Impact

• Shareholders may interpret the insider sale as a signal regarding the company's future prospects or valuation, potentially influencing their investment decisions.

Next Steps

• The reporting person has undertaken to provide full information regarding the number of shares sold at each separate price within the stated ranges upon request.

Key Dates

Recommendation

While the sale of shares by a director and president can be a negative signal, the transaction was executed under a Rule 10b5-1 plan, suggesting it was pre-scheduled and not necessarily a reaction to new negative information. Investors should monitor future insider activity and company performance, but this single transaction alone does not warrant a 'sell' recommendation without further context or other negative developments. A 'hold' position is prudent to observe further developments.

Keywords

SPECIAL OPPORTUNITIES FUND, SPE, Andrew Dakos, Insider Trading, Form 4, Stock Sale, Director, President, 10b5-1 Plan