Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 10

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 10
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 of exercise and will be required initially to pay for both the Common Shares subscribed for pursuant to the primary
subscription and, if eligible, any additional Common Shares subscribed for pursuant to the over-subscription privilege at the estimated
Subscription Price of $11.71 per Common Share and, except in limited circumstances, will not be able to rescind their subscription.

Rights acquired in the secondary market may
not participate in the over-subscription privilege.

The Rights exercisable for one Common Share
for each three Rights exercised at the Subscription Price will be referred to in the remainder of this Prospectus Supplement as the “Primary
Subscription.”

The Fund will not be issuing share certificates for the Common Shares issued pursuant to this Offer. Issuance of Common Shares will be made electronically via book entry by DST Systems, Inc. (“DST”), the Fund’s transfer agent.

| S-9 |

Important Dates to Remember

Please note that the dates in the table below
may change if the Offer is extended.

| Event                                                 
 Record Date                                           
 Subscription Period                                   | Date                                   
 September 11, 2025                     
 September 12, 2025 to October 6, 2025* |
|:------------------------------------------------------|:---------------------------------------|
| Expiration Date                                       | October 6, 2025*                       |
| Subscription Certificate and Payment for Shares Due** | October 6, 2025*                       |
| Notice of Guaranteed of Delivery Due                  | October 6, 2025*                       |
| Confirmation to Participants                          | October 14, 2025*                      |

| *  | Unless the Offer is extended.                                                                                                                                                                                                                                                                                                                                                                                             |
| ** | Record Date Stockholders exercising Rights must deliver to the Subscription Agent by the Expiration Date either (i) the Subscription Certificate together with the estimated payment or (ii) a Notice of Guaranteed Delivery. Additional amounts may be due at settlement for additional shares purchased upon exercising Rights because the Estimated Subscription Price may be less than the actual Subscription Price. |

Over-Subscription Privilege

Each Record Date Stockholder who fully exercises
all Rights initially issued to such Record Date Stockholder is entitled to subscribe for shares which were not otherwise subscribed for
by others in the Primary Subscription. If enough Over-Subscription shares are available, all such requests will be honored in full. If
the requests for Over-Subscription Shares exceed the Over-Subscription Shares available, the available Over-Subscription Shares will be
allocated pro rata among those fully exercising Record Date Stockholders who over-subscribe based