Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 37

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 37
---
 of a Right issued to a Record Date Stockholders will depend on whether the Old Common
Share is held as a capital asset), and will be a long-term capital gain or loss if the holding period of the Right exceeds (or is deemed
to exceed) twelve months. The deductibility of capital losses is subject to limitation. The holding period of a Right issued to a Record
Date Stockholder will include the holding period of the Old Common Share with respect to which the Right was issued.

No gain or loss will be recognized by a Rights
holder upon the exercise of a Right, and the basis of any share acquired upon exercise of Rights (the “New Common Share”)
will equal the sum of the basis, if any, of the Rights and the subscription price for the New Common Share. When a Rights holder exercises
Rights, the Rights holder’s holding period in the New Common Share does not include the holding period of the Rights; rather, the
holding period for the New Common Share will begin no earlier than the day following the date of exercise of the Rights.

You should consult a tax advisor regarding the U.S. federal tax consequences of acquiring, holding, disposing of and exercising Rights, and of allowing Rights to expire, in your particular circumstances, as well as any tax consequences that may arise under the laws of any state, local or foreign taxing jurisdiction.

| S-27 |

Employee Plan Considerations

The Employee Retirement Income Security Act
of 1974, as amended (“ERISA”) and the Code contain certain fiduciary responsibility and prohibited transaction provisions
applicable to Rights holders that are employee benefit plans subject to ERISA or Section 4975 of the Code, including corporate savings
and 401(k) plans, Keogh Plans of self-employed individuals and Individual Retirement Accounts (“IRA”) (each, a “Benefit
Plan” and collectively, “Benefit Plans”). Due to the complexity of these rules and the penalties for noncompliance,
fiduciaries of Benefit Plans and other retirement plans should consult with their counsel and advisors regarding the consequences of their
exercise or transfer of Rights under ERISA and the Code.

The exercise of Rights will require the future
funding of cash. See “The Offer - Subscription Price.” Benefit Plans should be aware that additional contributions of cash
to the Benefit Plan necessary in order to fund the exercise of Rights may be treated as Benefit Plan contributions and, particularly when
taken together with contributions previously made, may result in issues under the rules governing contributions and reductions, and