Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 17

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 17
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01 | % |     |        |  -7.81 | % |
|      |               | April 30     |     | $    |           17.00 |     | $   |  8.65 |     | $      |  17.01 |     | $      | 11.72 |     |        |          -0.06 | % |     |        | -26.19 | % |
|      |               | January 31   |     | $    |           17.10 |     | $   | 15.85 |     | $      |  17.30 |     | $      | 16.79 |     |        |          -1.16 | % |     |        |  -5.60 | % |

| (1) | Based on high and low closing market price for the respective quarter. |

| (2) | Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading 
 on the NYSE (normally 4:00 p.m. Eastern Time).                                                                                      |

| (3) | Calculated based on the information presented. |

| (4) | For the fiscal quarter from May 1, 2024 to June 30, 2024 due to the change in the fiscal year end effective May 15, 2024. |

| S-7 |

In recognition of the possibility that Common Shares
might trade at a discount to NAV, the Board may consider one or more actions that might be taken to seek to reduce or eliminate any material
discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions,
the making of a tender offer for such shares or the conversion of the Fund to an open-end investment company. The Board may decide not
to take any of these actions in the future. In addition, there can be no assurance any of these actions, or others, if undertaken, will
reduce market discount. See “Repurchase of Shares” on page 86 of the accompanying Prospectus and “Conversion to Open-End
Fund” on page 87 of the accompanying Prospectus.

As of April 28, 2025, the NAV per Common Share was
$11.98, trading prices ranged between $11.18 and $11.58 (representing a discount to NAV of 6.