Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 12

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 12
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 a particular day. The Fund
and the Distributor, however, will not authorize sales of Common Shares if the price per share of the Common Shares is less than the Minimum
Price. The Fund and the Distributor may elect not to authorize sales of Common Shares on a particular day even if the price per share
of the Common Shares is equal to or greater than the Minimum Price, or may only authorize a fixed number of Common Shares to be sold on
any particular day. The Fund and the Distributor will have full discretion regarding whether sales of Common Shares will be authorized
on a particular day and, if so, in what amounts.

The following table sets forth
the Fund’s capitalization:

| ● | on a pro forma as adjusted basis to reflect (1) the assumed sale of 4,000,000 of the Fund’s Common                                          
 Shares at $12.61 per share (the last reported sale price of the Fund’s Common Shares on NYSE on April 28, 2025) in an offering under        
 this Prospectus Supplement and the accompanying Prospectus, and (2) the investment of net proceeds assumed from such offering in accordance 
 with the Fund’s investment objectives and policies, after deducting the assumed aggregate commission of $504,400 (representing an           
 estimated commission paid to the Distributor of 1.00% of the gross sales price per share in connection with the sale of Common Shares       
 effected by the Distributor in each offering) and estimated offering costs payable by the Fund of $84,995.                                  |

| S-3 |

|                                                                                                                                                           |     | Actual as of December 31, 2024 
 (unaudited)                    |             |   |     | As Adjusted 
 (unaudited) |             |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:-------------------------------|------------:|:--|:----|:------------|------------:|:--|
| Shareholders’ equity applicable to Common Shares:                                                                                                         |     |                                |             |   |     |             |             |   |
| Common Shares, $0.0001 par value per share, 50,000,000 shares authorized, 24,351,756 outstanding (actual) and 28,351,756 shares outstanding (as adjusted) |     |                                |             |   |     |             |             |   |
| Paid-in capital*                                                                                                                                          |     | $                              | 429,678,798 |   |