Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 3

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 3
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| S-2 |

Assuming all Common Shares offered are purchased
in the Offer, the proportionate interest held by non-exercising Stockholders will decrease upon completion of the Offer. As with any Common
Shares, the price of the Fund’s Common Shares fluctuates with market conditions and other factors. As of August 22, 2025, the Common
Shares were trading at a discount to their NAV. Since the inception of the Fund, the Common Shares have traded at a premium of as much
as 11.89% and a discount of as much as 15.76%.

The Fund. RiverNorth
Opportunities Fund, Inc. is a diversified, closed-end management investment company that has registered as an investment company under
the Investment Company Act of 1940, as amended (the “1940 Act”).

Investment Objective.
The investment objective of the Fund is to seek total return consisting of capital appreciation and current income. There can be no assurance
that the Fund’s investment objective will be achieved.

Principal Investment Strategies.
The Fund seeks to achieve its investment objective by pursuing a tactical asset allocation strategy and opportunistically investing under
normal circumstances in closed-end funds, exchange-traded funds (“ETFs”), business development companies (“BDCs”
and collectively, “Underlying Funds”) and special purpose acquisition companies (“SPACs”). Under normal market
conditions, the Fund will invest at least 80% of its Managed Assets in Underlying Funds and SPACs. “Managed Assets” means
the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and
any preferred stock that may be outstanding). The Underlying Funds in which the Fund invests will not include those that are advised or
subadvised by RiverNorth Capital Management, LLC, the Fund’s investment adviser, or its affiliates.

In selecting closed-end funds,
the Adviser will opportunistically utilize a combination of short-term and longer-term trading strategies to seek to derive value from
the discount and premium spreads associated with closed-end funds. The Adviser employs both a quantitative and qualitative approach in
its selection of closed-end funds and has developed proprietary screening models and trading algorithms to trade closed-end funds. The
Fund will invest in other Underlying Funds and SPACs (that are not closed-end funds) to gain exposure to specific asset classes when the
Adviser believes closed-end fund discount or premium spreads are not attractive or to manage overall closed-end