Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 26

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 26
---

The Subscription Price will be determined
based upon a formula equal to 92.5% of the reported NAV or 95% of the market price per Common Share, whichever is higher, on the Expiration
Date, unless the Offer is extended. Market price per Common Share will be determined based on the average of the last reported sales price
of a Common Share on the NYSE for the five trading days preceding (and not inclusive of) the Expiration Date. Based on the reported NAV
and market price per Common Share as of August 22, 2025, the Subscription Price would be $11.71 (the “estimated Subscription Price”).

Because the Expiration Date of the subscription
period will be October 6, 2025 (unless the Fund extends the Subscription Period), Rights holders may not know the Subscription Price at
the time of exercise and will be required initially to pay for both the Common Shares subscribed for pursuant to the Primary Subscription
(i.e., the Rights to acquire new Common Shares during the Subscription Period) and, if eligible, any additional Common Shares subscribed
for pursuant to the Over-Subscription Privilege at the estimated Subscription Price of $11.71 per Common Share and, except in limited
circumstances, will not be able to rescind their subscription.

The Fund announced the Offer after the close
of trading on August 25, 2025. The NAV per Common Share at the close of business on August 22, 2025 was $12.60. The last reported sales
price of a Common Share on the NYSE on that date was $12.36, representing a discount of 1.90% in relation to the then current NAV per
Common Share and a premium of 5.55% in relation to the estimated Subscription Price.

Common Shares of the Fund, as a closed-end
fund, can trade at a discount to NAV. Upon expiration of the Offer, Common Shares will likely be issued at a price below NAV per share.

Over-Subscription Privilege

The Board has the right in its absolute discretion
to eliminate the Over-Subscription Privilege if it considers it to be in the best interest of the Fund to do so. The Board may make that
determination at any time, without prior notice to Rights holders or others, up to and including the seventh day following the Expiration
Date. If the Over-Subscription Privilege is not eliminated, it will operate as set forth below.

Rights holders who are Record Date Stock