Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 10

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 10
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 realized upon the sale of such Common Shares. Any
amounts received in excess of a shareholder’s basis are generally treated as capital gain, assuming the Common Shares are held as
capital assets. See “Dividends and Distributions.”

<div align='center'>CAPITALIZATION</div>

Pursuant to the Distribution Agreement
with the Distributor, the Fund may offer and sell up to 15,000,000 of the Fund’s Common Shares from time to time through the Distributor
for the offer and sale of the Common Shares under this Prospectus Supplement and the accompanying Prospectus. This amount represents Common
Shares previously registered on Form N-2 (Reg. No. 333-257554 and Reg. No. 333-274473) that are unsold and are being carried forward as
permitted by Rule 415(a)(6) and Rule 457(p) under the Securities Act. There is no guarantee that there will be any sales of the Fund’s
Common Shares pursuant to this Prospectus Supplement and the accompanying Prospectus. The table below shows the Fund’s historical
capitalization as of December 31, 2024 and the estimated capitalization of the Fund assuming the sale of all 15,000,000 Common Shares
that are subject to the Distribution Agreement on a pro forma, as adjusted basis as of April 28, 2025. Actual sales, if any, of the Fund’s
Common Shares, and the actual application of the proceeds thereof, under this Prospectus Supplement and the accompanying Prospectus may
be different than as set forth in the table below. In addition, the price per share of any such sale may be greater or less than $11.30
depending on the market price of the Fund’s Common Shares at the time of any such sale. The Fund and the Distributor will determine
whether any sales of Common Shares will be authorized on a particular day. The Fund and the Distributor, however, will not authorize sales
of Common Shares if the price per share of the Common Shares is less than the Minimum Price. The Fund and the Distributor may elect not
to authorize sales of Common Shares on a particular day even if the price per share of the Common Shares is equal to or greater than the
Minimum Price, or may only authorize a fixed number of Common Shares to be sold on any particular day. The Fund and the Distributor will
have full discretion regarding whether sales of Common Shares will be authorized on a particular day and, if