Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 15

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 15
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 that the Fund receives the maximum proceeds of the Offer, the annual compensation
to be received by the Adviser would be increased by approximately $1,087,000. In determining that the Offer was in the best interest of
stockholders, the Board was cognizant of this benefit.

Dilution and other Investment Considerations

Stockholders who do not exercise their Rights
will, at the completion of the Offer, own a smaller proportional interest in the Fund than if they exercised their Rights, which will
proportionately decrease the relative voting power of those Stockholders. Because the Subscription Price per Common Share may be below
the NAV per Common Share on the Expiration Date, you will likely experience a reduction in the NAV per Common Share of your Common Shares
whether or not you participate in the Offer. In addition, whether or not you exercise your Rights, you will experience a dilution of NAV
of the Common Shares because you will indirectly bear the expenses of this Offer, which include, among other items, SEC registration fees,
printing expenses and the fees assessed by service providers. This dilution of NAV will disproportionately affect Stockholders who do
not exercise their Rights. The Fund cannot state precisely the extent of this dilution if you do not exercise your Rights because the
Fund does not know what the NAV per Common Share will be when the Offer expires, or what proportion of the Rights will be exercised.

Assuming, for example, that all Rights are
exercised, the Subscription Price is $11.71 and the Fund’s NAV per Common Share at the expiration of the Offer is $12.60 the Fund’s
NAV per Common Share (after payment of estimated offering expenses) would be reduced by approximately $0.23 or 1.83% per Common Share.
See “Dilution and other Investment Considerations.”

If you do not wish to exercise your Rights,
you should consider selling them as set forth in this Prospectus Supplement. The Fund cannot give any assurance, however, that a market
for the Rights will develop or that the Rights will have any marketable value.

The Offer may increase the volatility of the
market price of the Common Shares. In addition, the Offer could be under-subscribed, in which case the Adviser will not have as much proceeds
to invest on behalf of the Fund. See “Dilution and other Investment Considerations.”

Use of Proceeds

Unless otherwise specified in this Prospectus
Supplement, the Fund anticipates that investment of the proceeds