Special Opportunities Fund Reports Final Year-End Distribution Details for 2025

NEW YORK, January 27, 2026 — Special Opportunities Fund, Inc. (NYSE: SPE) (“the Fund”) today published the detailed results of its previously announced year-end distribution, including the final share issuance price, distribution split between cash and stock, and tax reporting information for shareholders. The announcement clarifies how holders of record at the end of 2025 will be compensated for the $0.70 distribution per share.

Final Share Price Set for Stock Component

The Fund confirmed that the price at which its common stock will be issued to eligible shareholders is $14.9506 per share. This figure represents the volume-weighted average trading price (VWAP) of the Fund’s common stock on January 20, 21, and 22, 2026. This final price determines how many shares will be issued to those who chose the stock option for their distribution.

Distribution Structure: Stock and Cash

For the $0.70 distribution per share, shareholders had the option to elect cash, stock, or a combination of both. The Fund’s final mechanics for the distribution are as follows:

• Stockholders who elected to receive stock (or who made no election) will receive 0.0468 shares of common stock for each share they owned on December 29, 2025, rounded down to the next whole share.
• Any fractional share amounts will be settled with a cash payment.
• The total cash portion of the distribution is capped at 20% of the total distribution amount. This means shareholders electing the cash option will receive approximately $0.213958 per share in cash, with the remainder provided in stock.

Tax Implications and Reporting

The Fund shared that substantially the entire $0.70 distribution is expected to be treated as realized long-term capital gains for tax purposes and will be taxable in the 2025 calendar year. This follows the Fund’s previous disclosures about the nature of the distribution.

Special Opportunities Fund will issue a Form 1099-DIV to shareholders as soon as practicable to provide the detailed breakdown required for tax reporting in early 2026.

Record and Payable Dates

Shareholders of record as of December 29, 2025 are eligible for the distribution, which will be paid on January 30, 2026. This timing remains consistent with the original year-end distribution announcement the Fund made in December 2025.

Board and Fund Commentary

While the press release did not include extended comments from the Fund’s Board of Directors or executive team, this final distribution mechanics announcement is designed to give shareholders clarity about how their 2025 year-end compensation will be delivered and reported for tax purposes.

Looking Ahead: 2026 Distributions

The press release also notes that the Fund’s Board declared its next series of distributions for the early months of 2026, reflecting ongoing efforts to provide regular income and return of capital to shareholders. Additional details about those distributions were listed in related press materials.

What This Means for Investors

Investors in Special Opportunities Fund should review their tax situation for 2025, especially considering the capital gain nature of the distribution. The option to receive stock instead of cash might benefit long-term shareholders who prefer to increase their holdings. Meanwhile, the capped cash component ensures liquidity for those electing or receiving cash.

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