Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 20

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 20
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 an acquisition or merger that meets the requirements for the SPAC is
not completed within a predetermined period of time, the invested funds are returned to the entity’s shareholders, less certain
permitted expenses. Accordingly, any rights or warrants issued by the SPAC will expire worthless. Certain private investments in SPACs
may be illiquid and/or be subject to restrictions on resale. Additionally, the Fund may acquire certain private rights and other interests
issued by a SPAC (commonly referred to as “founder shares”), which may be subject to forfeiture or expire worthless and which
typically have more limited liquidity than SPAC shares issued in an IPO. To the extent the SPAC is invested in cash or similar securities,
this may impact the Fund’s ability to meet its investment objective.

Private Debt Risk: The Fund may invest
in notes issued by private funds (“private debt”). Private debt often may be illiquid and is typically not listed on an exchange
and traded less actively than similar securities issued by public funds. For certain private debt, trading may only be possible through
the assistance of the broker who originally brought the security to the market and has a relationship with the issuer. Due to the limited
trading market, independent pricing services may be unable to provide a price for private debt, and as such the fair value of the securities
may be determined in good faith under procedures approved by the Board, which typically will include the use of one or more independent
broker quotes.

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RiverNorth Opportunities Fund, Inc.

Rights and Warrants Risks: Warrants are
securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than
the value of the stock at the time of issuance) during a specified period or perpetually. Warrants do not carry with them the right to
dividends or voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights
in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types
of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant
ceases to have value if it is not exercised prior to its expiration date.

Rights are usually granted to existing shareholders
of a corporation to subscribe to shares of a new issue of common stock before it is issued to the public