Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 34

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 34
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) | Average                                                                                                                                  
 amount outstanding represents the principal amount owed by the Fund to lenders under credit facility arrangements in place at the        
 time.                                                                                                                                    |
| (5) | The                                                                                                                                      
 asset coverage ratio for the credit facility is calculated by subtracting the Fund’s total liabilities (excluding the principal          
 amount of loan payable) from the Fund’s total assets and dividing by the principal amount of the loan payable and then multiplying       
 by $1,000.                                                                                                                               |
| (6) | Effective                                                                                                                                
 July 16, 2018, the Board approved changing the fiscal year-end of the Fund from October 31 to July 31.                                   |
| (7) | For                                                                                                                                      
 the period December 24, 2015, commencement of operations, to October 31, 2016.                                                           |

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THE FUND</div>

The Fund is a diversified, closed-end management investment company registered under the 1940 Act. The Fund was organized as a Maryland corporation on September 9, 2010. The Fund’s principal office is located at 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401, and its telephone number is 1-844-569-4750. The Fund’s currently outstanding common stock is, and common stock offered in this Prospectus and any applicable prospectus supplement will be, listed on the NYSE under the symbol “RIV,” and the Fund’s Series A Preferred Stock are listed on the NYSE under the symbol “RIVPRA.”

The following table provides information about the Fund’s outstanding securities as of December 31, 2024:

| Title of Class           | Amount Authorized | Amount Held by the Fund or for Its Account | Amount Outstanding |
| Common Shares            |        37,500,000 | -                                          |         21,472,248 |
| Series A Preferred Stock |         3,910,000 |                                            |          3,910,000 |

<div align='center'>35

MARKET AND NET ASSET VALUE INFORMATION</div>

The Fund’s currently outstanding common shares are, and any Common Shares offered by this Prospectus and the applicable prospectus supplement will be, subject to notice of issuance, listed on the NYSE. The Fund’s common shares commenced trading on the NYSE in December 2015.

The Fund’s common shares have traded both at a premium and at a discount in relation to NAV. Shares of closed-end investment companies frequently