Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 54

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 54
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 Common Shares purchasable upon exercise of the subscription rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the subscription rights. If investors exercise only a portion of the rights, the number of Common Shares issued may be reduced, and the Common Shares may trade at less favorable prices than larger offerings for similar securities. Subscription rights issued by the Fund may be transferable or non-transferable rights. In a non-transferable rights offering, Common Stockholders who do not wish to exercise their rights will be unable to sell their rights. In a transferrable rights offering, the Fund will use its best efforts to ensure an adequate trading market for the rights; however, investors may find that there is no market to sell rights they do not wish to exercise.

Leverage Risks

The Fund may borrow money, or issue debt or preferred
stock. Since the holders of Common Shares pay all expenses related to the issuance of debt or use of leverage, the use of leverage through
borrowing of money, issuance of debt securities or the issuance of preferred stock for investment purposes creates risks for the holders
of Common Shares. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented.
Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses leverage. As a result, leverage
may cause greater changes in the Fund’s NAV. The Fund will also have to pay interest on its borrowings or dividends on preferred
stock, if any, which may reduce the Fund’s return. The leverage costs may be greater than the Fund’s return on the underlying
investment. The Fund’s leveraging strategy may not be successful.

RiverNorth Opportunities Fund, Inc.

If the Fund utilizes leverage in the form of borrowing,
it anticipates that the money borrowed for investment purposes will incur interest based on shorter-term interest rates that would be
periodically reset. So long as the Fund’s portfolio provides a higher rate of return, net of expenses, than the interest rate on
borrowed money, as reset periodically, the leverage may cause the holders of Common Shares to receive a higher current rate of return
than if the Fund were not leveraged. If, however, long-term and/or short-term rates rise, the interest rate on borrowed money could exceed
the rate of return on securities held by the Fund, reducing return to the holders of Common Shares.

There is no assurance that a leveraging strategy
will be successful. Le