Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 8

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 8
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 may be purchased and sold
in the secondary market. As of August 22, 2025, the Fund had $21,472,248.229 common shares outstanding and net assets applicable to such
common shares of $270,523,990.47. An investment in the Fund may not be appropriate for all investors. There can be no assurance that the
Fund will achieve its investment objective.

Purpose of the Offer

The Board of Directors of the Fund (the “Board”),
based on the recommendation of the Adviser, has determined that it would be in the best interest of the Fund and its existing stockholders
to increase the assets of the Fund so that the Fund may be in a better position to take advantage of investment opportunities that may
arise without having to reduce existing Fund holdings.

The Board also believes that a larger number
of outstanding Common Shares and a larger number of holders of common stock (“Stockholders”) could increase the level of market
interest in and visibility of the Fund, and improve the trading liquidity of the Fund’s shares on the NYSE. In making this determination,
the Board considered a number of factors, including potential benefits and costs. This rights offering seeks to reward existing Stockholders
by giving them the opportunity to purchase additional Common Shares at a price that may be below the market price and/or NAV without incurring
any commission or charge. The distribution of these rights, which themselves may have intrinsic value, will also give non-participating
Stockholders the potential of receiving a cash payment upon the sale of their rights, which may be viewed as partial compensation for
the possible dilution of their interests in the Fund as a result of this offer.

The Adviser believes that increasing the size
of the Fund may result in certain economies of scale which may lower the Fund’s expenses as a proportion of average net assets because
the Fund’s fixed costs can be spread over a larger asset base. There can be no assurance that by increasing the size of the Fund,
the Fund’s expense ratio will be lowered. There can be no assurance that this rights offering (or the investment of the proceeds
of this rights offering) will be successful or that the level of trading on the Fund’s shares on the NYSE will increase.

Important Terms of the Offer

The Fund is issuing transferable subscription
rights (“Rights”) to its Stockholders of record as of September 11, 2025 (the “Record Date” and such stockholders,
“Record Date Stockholders”). These Rights will