Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 23

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 23
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 of Maryland, the State in which the Fund is
organized, the Board is authorized to approve rights offerings without obtaining stockholder approval. The staff of the SEC has interpreted
the 1940 Act as not requiring stockholder approval of a rights offering at a price below the then current NAV so long as certain conditions
are met, including a good faith determination by the Board that such offering would result in a net benefit to existing stockholders.

The Offer may not be successful. The completion
of the Offer may result in an immediate dilution of the NAV per Common Share for all existing Stockholders, including those who fully
exercise their Rights.

Important Terms of the Offer

The Fund is issuing to Record Date Stockholders
Rights to subscribe for additional Common Shares. Each Record Date Stockholder is being issued one transferable Right for each Common
Share owned on the Record Date. The Offer entitles the holder to acquire at the Subscription Price one Common Share for each three Rights
held, rounded up to the nearest number of Rights evenly divisible by three. Fractional shares will not be issued upon the exercise of
the Rights. Accordingly, Common Shares may be purchased only pursuant to the exercise of Rights in integral multiples of three.

In the case of Common Shares held of record
by Cede & Co. (“Cede”) as nominee for the Depository Trust Company (“DTC”) or any other depository or nominee,
the number of Rights issued to Cede or such other depository or nominee will be adjusted to permit rounding up (to the nearest number
of Rights evenly divisible by three) of the Rights to be received by beneficial owners for whom it is the holder of record only if Cede
or such other depository or nominee provides to the Fund on or before the close of business on September 19, 2025 a written representation
to the number of Rights required for such rounding.

Rights may be exercised at any time during
the period (the “Subscription Period”), which commences on September 12, 2025 and ends at 5:00 p.m., Eastern Time, on October
6, 2025, unless extended by the Fund. See “Expiration of the Offer.”

If all of the Rights are exercised in the
Primary Subscription, the Fund will experience an approximate 33% increase in Common Shares outstanding.

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In addition, any Record Date Stockholder who
fully exercises all Rights initially issued to him or her is entitled to subscribe for shares (the Over Subscription Shares)