Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 1

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 1
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 exchange. The minimum price on any day at which Common Shares may be
sold will not be less than the then current NAV per Common Share plus the per Common Share amount of the commission to be paid to the
Distributor (the “Minimum Price”). 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 so, in what amounts.

The Distributor may enter
into sub-placement agent agreements with one or more selected dealers. The Distributor has entered into a sub-placement agent
agreement, dated May 20, 2025 (the “Sub-Placement Agent Agreement”) with UBS Securities LLC (the “Sub-Placement
Agent”), relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance
with the terms of the Sub-Placement Agent Agreement, the Fund may offer and sell its Common Shares from time to time through the
Sub-Placement Agent as sub-placement agent for the offer and sale of its Common Shares. The Fund will compensate the Distributor
with respect to sales of Common Shares at a commission rate of 1.00% of the gross proceeds of the sale of Common Shares. Out of this
commission, the Distributor will compensate the Sub-Placement Agent at a rate of up to 0.80% of the gross sales proceeds of the sale
of the Common Shares sold by the Sub-Placement Agent.

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Investing in the Fund’s Common Shares involves certain risks. You could lose some or all of your investment. See “Risks” beginning on page 46 of the accompanying Prospectus. You should consider carefully these risks together with all of the other information contained in this Prospectus Supplement and the accompanying Prospectus before making a decision to purchase the Fund’s Common Shares.

Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or determined