Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 42

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 42
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 that the Fund has received an order under Section 19(b) to permit it to make periodic
distributions of long-term capital gains with respect to its Common Shares as frequently as twelve times each year. Under such a distribution
policy, it is possible that the Fund might distribute more than its income and net realized capital gains; therefore, distributions to
shareholders may result in a return of capital. The amount treated as a return of capital will reduce a shareholder’s adjusted basis
in the shareholder’s shares, thereby increasing the potential gain or reducing the potential loss on the sale of shares. There is
no assurance that the Fund will rely on the exemptive order in the future.

| S-30 |

Under the 1940 Act, the Fund is not permitted
to incur indebtedness unless immediately after such incurrence the Fund has an asset coverage of at least 300% of the aggregate outstanding
principal balance of indebtedness. Additionally, under the 1940 Act, the Fund may not declare any dividend or other distribution upon
any class of its capital shares, or purchase any such capital shares, unless the aggregate indebtedness of the Fund has, at the time of
the declaration of any such dividend or distribution or at the time of any such purchase, an asset coverage of at least 300% after deducting
the amount of such dividend, distribution, or purchase price, as the case may be.

While any Preferred Shares is outstanding,
the Fund may not declare any cash dividend or other distribution on its Common Shares, unless at the time of such declaration, (i) all
accumulated preferred dividends have been paid and (ii) the NAV of the Fund’s portfolio (determined after deducting the amount of
such dividend or other distribution) is at least 200% of the liquidation value of the outstanding Preferred Shares (expected to be equal
to the original purchase price per share plus any accumulated and unpaid dividends thereon).

In addition to the limitations imposed by
the 1940 Act described above, certain lenders may impose additional restrictions on the payment of dividends or distributions on the Common
Shares in the event of a default on the Fund’s borrowings. If the Fund’s ability to make distributions on its Common Shares
is limited, such limitations could, under certain circumstances, impair the ability of the Fund to maintain its qualification for federal
income tax purposes as a regulated investment company, which would have adverse tax consequences for shareholders. See “Use of Leverage”
and “U.S. Federal Income Tax