Reminder: RiverNorth/DoubleLine Strategic Opportunity
Fund, Inc.
Non-Transferable Rights Offering for Common and Preferred Stock
West Palm Beach, FL– November 19, 2024
-- As previously announced in press releases dated October 21, 2024 and November 1, 2024 (the “Prior Announcements”), the
Board of Directors of the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”) (NYSE: OPP) has authorized and
set the terms of an offering to the Fund’s stockholders of inseparable non-transferable rights to purchase additional shares of
common stock and newly issued 6.00%, 3-Year Term, Series C Term Preferred Stock (the “Series C Preferred Stock”) of the Fund.
As supplementary notice, the offering’s expiration
date is November 25, 2024. Financial intermediaries may have cut-off times to receive instructions with respect to the offering 1-3 business
days prior to the expiration date. We encourage you to check with your financial intermediary’s Corporate Actions department to
confirm their process for exercising your rights and their cut-off time.
Please note that your financial intermediary
may interpret your oversubscription instructions as a “package” consisting of 2 common shares and 1 preferred share. We encourage
you to confirm your election with your financial intermediary to ensure that your election has been interpreted properly.
As an illustrative example of how the subscription
price would be determined, if the offer expired on Monday, November 18, 2024, the estimated subscription price per common share would
be $8.33 which would be 90% of the November, 18, 2024 net asset value (“NAV”). The subscription price per preferred share
remains $10.
A copy of the prospectus supplement for this offering, dated October 30,
2024, can be found on the Securities and Exchange Commission’s (“SEC”) Edgar website at https://www.sec.gov/ix?doc=/Archives/edgar/data/0001678130/000139834424019690/fp0090848-1_424b2ixbrl.htm
or by writing the Fund at Investor Relations, 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401 or contacting CEF@rivernorth.com.
For further information please contact CEF@rivernorth.com or call 800-646-0148.
__________
As detailed in the Prior Announcements, in this offering,
the Fund will issue non-transferable subscription rights (“Rights”) to its stockholders of record as of November 5, 2024 (the
“Record Date” and such stockholders “Record Date Stockholders”) allowing the holder to subscribe for new shares
of common stock and Series C Preferred Stock of the Fund (the “Primary Subscription”). Record Date Stockholders will receive
one Right for each share of common stock held on the Record Date. For every six Rights held, a holder of Rights may buy two new shares
of common stock and one new share of Series C Preferred Stock of the Fund. The number of Rights to be issued to a Record Date Stockholder
will be rounded up to the nearest number of Rights evenly divisible by six. Fractional shares will not be issued upon the exercise of
the Rights. Accordingly, new common and preferred shares may be purchased only pursuant to the exercise of Rights in integral multiples
of six.
The shares of common stock issued as a result of the
rights offering will not be record date shares for the Fund’s monthly distributions to be paid in October or November 2024 and therefore
will not be entitled to those distributions. The shares of preferred stock issued will not be record dates shares for the preferred distributions
to be paid in November 2024.
Record Date Stockholders who fully exercise their
Rights will be entitled to subscribe for additional shares of common stock and Series C Preferred Stock (“Over-Subscription Shares”),
subject to the limitations set forth in the prospectus supplement. The Over-Subscription Shares will be allocated pro rata to stockholders
who over-subscribe based on the number of Rights originally issued to them. The Fund may increase the number of shares of common stock
and Series C Preferred Stock subject to subscription by up to 50% of the shares available pursuant to the Primary Subscription. The Rights
are non-transferable and, therefore, may not be purchased or sold. The shares of common stock and Series C Preferred Stock issued pursuant
to the rights offering will be listed on the New York Stock Exchange (“NYSE”) under the tickers: OPP, and OPPPRC, respectively.
The subscription price per share of common stock will
be determined based upon a formula that will be no less than equal to 90% of the reported NAV or 95% of the market price per share of
common stock, whichever is higher on the Expiration Date (as defined below). The market price per share of common stock will be determined
based on the average of the last reported sales price of a share of common stock on the NYSE for the five trading days preceding (and
not including) the Expiration Date. The subscription price of Series C Preferred Stock will be $10 per share. The subscription period
will expire at 5:00 p.m., Eastern Time, on November 25, 2024, unless extended by the Board (the “Expiration Date”).
The rights offering
will be made pursuant to the Fund’s currently effective shelf registration statement on file with the SEC, which continues
to be effective through November 10, 2024. While the Fund’s currently effective shelf will technically expire during the rights
offering, the Fund has filed a replacement shelf registration statement, which will extend the Fund’s ability to utilize the existing
shelf through the completion of the rights offering. The rights offering will be made only by means of a prospectus supplement and accompanying
prospectus. A final prospectus supplement and accompanying prospectus will be filed with the SEC but has not been filed as of the date
of this release. The Company expects to mail subscription certificates evidencing the subscription rights and a copy of the prospectus
supplement and accompanying prospectus for the rights offering shortly following the Record Date. These securities described in this release
may not be sold nor may offers to purchase be accepted prior to the time the prospectus supplement and accompanying prospectus are filed
with the SEC.
This press release shall not constitute an offer to
sell or constitute a solicitation of an offer to buy.
RiverNorth/DoubleLine Strategic Opportunity Fund,
Inc.
The investment objective of the Fund is current income
and overall total return. The Fund had approximately $341 million of total managed assets1 and 23.0 million shares of common
stock outstanding as of September 30, 2024.
The Fund is a closed-end fund and does not continuously
issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock
need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.
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 shares of common stock, you should consider the risks
as well as the other information in the prospectus.
Past performance is no guarantee of future results.
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 844.569.4750.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded
in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth
is the manager to multiple registered and private funds.
| 1 | Managed Assets includes assets attributable to leverage and
investments in affiliated funds. |
Not FDIC Insured | May Lose Value | No Bank Guarantee
ALPS Distributors, Inc. is the FINRA Member Firm.
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.
©2000-2024 RiverNorth Capital Management, LLC. All rights reserved.
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