Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 105

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 105
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 procedures and the fullest extent permitted by law. The rights of indemnification provided in the Fund’s Charter and Bylaws are not exclusive of any other rights which may be available under any insurance or other agreement, by resolution of shareholders or directors or otherwise.

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Authorized Shares

The Fund’s Charter authorizes the issuance of 37,500,000 Common
Shares, 3,910,000 of which have been re-classified as Series A Preferred Stock, and authorizes a majority of the Fund’s
Board, without shareholder approval, to increase or decrease the aggregate number of shares of stock or the number of shares of
stock of any class or series that the Fund has the authority to issue, to authorize the issuance of shares of the Fund’s
common and preferred stock, and to classify and reclassify any unissued shares into one or more classes or series of stock and
set the terms thereof. The authority of a majority of the Fund’s Board to increase the Fund’s authorized capital stock
or any class or series thereof without shareholder approval, may be used by the Fund’s Board consistent with its duties
to deter attempts to gain control of the Fund. Further, the Board could authorize the issuance of Preferred Shares with terms
and conditions that could have the effect of discouraging a takeover or other transaction that some of the Fund’s shareholders
might believe to be in their best interests.

Anti-Takeover Provisions of Maryland Law

Maryland Business Combination Act

The provisions of the Maryland Business Combination Act (the “MBCA”) do not apply to a closed-end investment company, such as the Fund, unless it has affirmatively elected to be subject to the MBCA by a resolution of its board of directors. To date, the Fund has not made such an election but may make such an election under Maryland law at any time. Any such election, however, could be subject to certain of the 1940 Act limitations discussed below under “Maryland Control Share Acquisition Act” and would not apply to any person who had become an interested stockholder (as defined below) before the time that the resolution was adopted.

Under the MBCA, “business combinations” between a Maryland corporation and an interested stockholder or an affiliate of an interested stockholder are prohibited for five years after the most recent date on which the interested stockholder becomes an interested stockholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the MBCA, an