Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 40

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 40
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 Supplement and accompanying Prospectus. Any cash you receive from selling your Rights
should serve as partial compensation for any possible dilution of your interest in the Fund. The Fund cannot give assurance, however,
that a market for the Rights will develop or that the Rights will have any marketable value.

Risk of Increase in Share Price Volatility; Decrease in Share Price.

The Offer may result in increased volatility
in the market price of the Common Shares or a decrease in the market price of the Fund’s Common Shares,

Under-Subscription.

It is possible that the Offer will not be
fully subscribed. Under-subscription of the Offer could have an impact on the net proceeds of the Offer and whether the Fund achieves
its stated goals of the Offer.

Effect on Large Stockholders

The Fund’s largest Stockholders, Record
Date Stockholders of more than 5% of the outstanding Common Shares of the Fund, could increase their percentage ownership in the Fund
through the exercise of the Primary Subscription and Over-Subscription Privilege.

| S-29 |

<div align='center'>DIVIDENDS AND DISTRIBUTIONS</div>

The Board approved an amended distribution
policy, under which the Fund intends to make regular monthly distributions to stockholders at a constant and fixed (but not guaranteed)
rate that is reset annually to a rate equal to a percentage of the average of the Fund’s NAV per share (the “Distribution
Amount”), as reported for the final five trading days of the preceding calendar year (the “Distribution Rate Calculation”).
The Distribution Amount is set by the Board and may be adjusted from time to time. The Fund’s intention is that monthly distributions
paid to stockholders throughout a calendar year will be at least equal to the Distribution Amount (plus any additional amounts that may
be required to be included in a distribution for federal or excise tax purposes) and that, on the close of the calendar year, the Distribution
Amount applicable to the following calendar year will be reset based upon the new results of the Distribution Rate Calculation. The Fund
may at times, in its discretion, pay out less than the entire amount of net investment income earned in any particular period and may
at times pay out such accumulated undistributed income in addition to net investment income earned in other periods in order to permit
the Fund to maintain a more stable level of distributions. As a result, the dividend paid by the Fund to Common Stockholders for any particular
period may be more or less than the amount of net investment income earned by the Fund during