Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 67

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 67
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 Fund intends, to the extent possible, to purchase or redeem shares, from time to time, to maintain coverage of any preferred stock of at least 200%. Normally, holders of Common Shares will elect the directors of the Fund except that the holders of any preferred stock will elect two directors. In the event the Fund failed to pay dividends on its preferred stock for two years, holders of preferred stock would be entitled to elect a majority of the directors until the dividends are paid.

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Effects of Leverage

Assuming the utilization of leverage through a combination of borrowings under the issuance of Preferred Shares by the Fund in the aggregate amount of approximately 27.12% of the Fund’s Managed Assets as of December 31, 2024, at a weighted average interest rate or payment rate of 6.00% payable on such leverage, the annual return that the Fund’s portfolio (net of expenses) in order to cover its leverage costs would be 1.63%. Of course, these numbers are merely estimates for illustration. Actual interest or payment rates on the leverage utilized by the Fund will vary frequently and may be significantly higher or lower than the rate estimated above.

The following table is furnished in response to requirements
of the SEC. It is designed to illustrate the effect of leverage on total return on Common Shares, assuming investment portfolio total
returns (comprised of income, net expenses and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%,
0%, 5% and 10%. The table below reflects the Fund's continued use of Preferred Shares as of December 31, 2024 as a percentage of total
Managed Assets (including assets attributable to such leverage), and the annual return that the Fund's portfolio must experience (net
of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily
indicative of what the Fund’s investment portfolio returns will be. In other words, the Fund’s actual returns may be greater
or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 27.12% of
the Fund’s Managed Assets and estimated leverage costs of 6.00%.

| Assumed            
 Portfolio Return   | -10.00% | -5.00% | 0.00%  | 5.00% | 10.00% |
| Common             
 Share Total Return | -15.95%