Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 78

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 78
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’s and the Board’s attention and resources from its business. Also, the Fund may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, the Fund’s stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism.

Cybersecurity Risk.A cybersecurity breach may disrupt the business operations of the Fund or its service providers. A breach may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

Anti-Takeover Provisions.Maryland law and the Fund’s charter and bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status, including the adoption of a staggered Board of Directors and the supermajority voting requirements. These provisions could deprive the Common Shareholders of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV.

Risks Associated with Additional Offerings.
There are risks associated with offerings of additional common or preferred shares of the Fund. The voting power of current shareholders
will be diluted to the extent that current shareholders do not purchase shares in any future offerings of shares or do not purchase sufficient
shares to maintain their percentage interest. In addition, the sale of shares in an offering may have an adverse effect on prices in the
secondary market for the Fund’s shares by increasing the number of shares available, which may put downward pressure on the market
price of the Fund’s Shares. These sales also might make it more difficult for the Fund to sell additional equity securities in the
future at a time and price the Fund deems appropriate.

In the event any series of fixed rate preferred
shares are issued and such shares are intended to be listed on an exchange, prior application will have been made to list such shares.
During an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not be listed
on any securities exchange. During such period, the underwriters may make a market in such shares, although they will have no obligation
to do so. Consequently, an investment in such shares may be illiquid during such period. Fixed rate preferred shares may trade at a premium
to or discount from liquidation value.

There are risks associated with an offering of
Rights (in addition to the risks