Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 2

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 2
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ution of the aggregate NAV of your Common Shares because you will indirectly bear the expenses of the Offer. This will disproportionately affect holders of Common Shares (“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 Subscription Price per Common Share will be when the Offer expires, or what proportion of the Rights will be exercised. Assuming the full Primary Subscription is exercised, the Fund’s NAV per Common Share would be decreased by approximately $0.23 or 1.83% per Common Share. Actual amounts may vary due to rounding, the final Subscription Price, the amount of Rights exercised and other estimates. |

Neither the Securities and Exchange Commission (“SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this Prospectus Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

|                                        | Per Common 
      Share |    Total(3) |
| Estimated subscription price(1)        |     $11.71 | $83,820,180 |
| Estimated sales load                   |         $0 |          $0 |
| Estimated primary offering expenses(2) |      $0.03 |    $201,572 |
| Estimated net proceeds to Fund(1)      |     $11.68 | $83,618,608 |

| (1) | Estimated as if August 22, 2025 was                                                                                             
 the expiration date. As of the close of August 22, 2025, the Fund’s NAV per Common Share was $12.60 and the average of the last 
 reported sales price the five trading days preceding (and not inclusive of) August 22, 2025 was $12.33. See “Terms of the Offer 
 - The Subscription Price.”                                                                                                      |

| (2) | Offering expenses payable by the Fund                                                                                                 
 (and indirectly by all of the Fund’s Stockholders, including those who do not exercise their Rights) are estimated at approximately   
 $201,572, which includes fees to the subscription agent and information agent estimated to be approximately $75,000 in the aggregate, 
 inclusive of out of pocket expenses.                                                                                                  |

| (3) | Assumes all Rights are exercised at                                                                                                    
 the estimated subscription price per Common Share. All of the Rights offered may not be exercised and the price may be higher or lower 
 than the estimated amount.