Company: RIV
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001398344-25-006352
Chunk: 25

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 25
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 risk that fluctuations in interest rates on borrowings or on short-term debt or in the   
 interest or dividend rates on any debt securities or preferred shares that the Fund must 
 pay will reduce the return to the Common Stockholders;                                   |

47

| ● | the                                                                                  
 effect of leverage in a declining market, which is likely to cause a greater decline 
 in the NAV of the Common Shares than if the Fund were not leveraged, may result in a 
 greater decline in the market price of the Common Shares;                            |

| ● | when                                                                                         
 the Fund uses financial leverage, the investment management fees payable to the Adviser      
 will be higher than if the Fund did not use leverage. This may create a conflict of interest 
 between the Adviser, on the one hand, and the holders of Common Shares, on the other;        
 and                                                                                          |

| ● | leverage                                                     
 may increase operating costs, which may reduce total return. |

The use of leverage may require the Fund to segregate assets to cover its obligations (or, if the Fund borrows money or issues preferred shares, to maintain asset coverage in conformity with the requirements of the 1940 Act). While the segregated assets will be invested in liquid securities, they may not be used for other operational purposes. Consequently, the use of leverage may limit the Fund’s flexibility and may require that the Fund sell other portfolio investments to pay Fund expenses, to maintain assets in an amount sufficient to cover the Fund’s leveraged exposure or to meet other obligations at a time when it may be disadvantageous to sell such assets. Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the short-term debt securities or preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Adviser does not believe that these covenants or guidelines will impede it from managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies if the Fund were to utilize leverage.

Leverage risk would also apply to the Fund’s investments in Underlying Funds and SPACs to the extent an Underlying Fund or SPAC uses leverage.

Market Discount

The stock of closed-end management investment companies often trade at a discount from their NAV, and the Fund’s