Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 14

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 14
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. The stock loan fees on short sales are recognized
on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as
a component of interest income on the Statements of Operations. The Fund and the Underlying Funds cannot guarantee that the security will
be available at an acceptable price. Positions in shorted securities are speculative and more risky than long positions (purchases) in
securities because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction
costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited
risk. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which
reduce a fund’s return.

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RiverNorth Opportunities Fund, Inc.

Special Purpose Acquisition Company Risk: The
Fund may invest in special purpose acquisition companies (“SPACs”). SPACs are collective investment structures that pool funds
in order to seek potential acquisition opportunities. SPACs are generally publicly traded companies that raise funds through an initial
public offering (“IPO”) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC’s
IPO. The securities of a SPAC are often issued in “units” that include one share of common stock and one right or warrant
(or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until an acquisition is
completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities
and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential
acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify
and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the
volatility of their prices. If an acquisition or merger that meets the requirements for the SPAC is not completed within a predetermined
period of time, the invested funds are returned to the entity’s shareholders, less certain permitted expenses. Accordingly, any
rights or warrants issued by the SPAC will expire worthless. Certain private investments in SPACs may be illiquid and/or be subject