Company: RIV
Filing Date: 2025-04-01
Form Type: 424B3
Source: 0001398344-25-006352
Chunk: 81

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-04-01
Form: 424B3
Chunk 81
---
; or                                                                                |

A person is not an interested stockholder under the MBCA if the board of directors approved in advance the transaction by which he otherwise would have become an interested stockholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the Maryland corporation and an interested stockholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

<div align='center'>84</div>

| ● | 80%                                                                                  
 of the votes entitled to be cast by holders of outstanding shares of voting stock of 
 the corporation; and                                                                 |

| ● | two-thirds                                                                                    
 of the votes entitled to be cast by holders of voting stock of the corporation other          
 than shares held by the interested stockholder with whom or with whose affiliate the          
 business combination is to be effected or held by an affiliate or associate of the interested 
 stockholder.                                                                                  |

These super-majority vote requirements do not apply if the corporation’s common stockholders receive a minimum price, as defined in the MBCA, for their shares in the form of cash or other consideration in the same form as previously paid by the interested stockholder for its shares.

The MBCA permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested stockholder becomes an interested stockholder.

Maryland Control Share Acquisition Act

The Maryland Control Share Acquisition Act (the “MCSAA”) provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, by officers of the acquirer or by an employee of the acquirer who is also a director of the acquirer are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

| ● | one-tenth                        
 or more but less than one-third, |

| ● | one-third