Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 22

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 22
---
 Rights, receipt of which may be viewed as partial compensation for the possible dilution of their interests in the Fund.

The Adviser believes that increasing the size
of the Fund may lower the Fund’s expenses as a proportion of average net assets because the Fund’s fixed costs would be spread
over a larger asset base. As the Fund’s assets decrease, its expense ratio (i.e., the ratio of expenses to Fund assets) will increase.
This occurs because funds have certain fixed costs that are not charged in proportion to a fund’s size. As a fund gets smaller,
these fixed costs are spread over fewer assets, thus resulting in a higher expense ratio. The opposite occurs as a fund’s assets
increase, that is, the fixed costs are spread across a larger asset base thus resulting in a lower expense ratio. There can be no assurance,
however, that an increase in the size of the Fund will lower the Fund’s expense ratio.

| S-17 |

The Adviser also believes that a larger number
of outstanding shares could increase the level of market interest and visibility of the Fund and improve the trading liquidity of the
Common Shares on the NYSE. If the Offer is successful, the larger number of Common Shares outstanding after the Offer may help to create
a more efficient and active market for the Fund’s Common Shares and could reduce the effect of individual transactions on market
price, all of which are believed generally to increase liquidity.

The Board considered that the Adviser will
benefit from the Offer because its fee is based on the Fund’s Managed Assets. See “Management of the Fund” in the accompanying
Prospectus. It is not possible to state precisely the amount of additional compensation the Adviser will receive as a result of the Offer
because the proceeds of the Offer will be invested in additional portfolio securities, which will fluctuate in value. However, assuming
all Rights are exercised at the estimated Subscription Price of $11.71 and that the Fund receives the maximum proceeds of the Offer, the
annual compensation to be received by the Adviser would be increased by approximately $1,087,000. In determining that the Offer was in
the best interest of Stockholders, the Board was cognizant of this benefit.

The Fund may, in the future and at its discretion,
choose to make additional rights offerings from time to time for a number of shares and on terms that may not be similar to the Offer.
Any such future rights offering will made in accordance with the 1940 Act. Under the laws