Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 39

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 39
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 bear the expenses of this Offer, which include, among other items, SEC registration fees, printing
expenses and the fees assessed by service providers. This dilution of NAV will disproportionately affect 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 NAV per share of Common Shares will be when the Offer expires, or what proportion of the Rights will be exercised.

| S-28 |

The Fund cannot state precisely the amount
of any dilution because it is not known at this time what the subscription price or NAV per share of Common Shares will be on the Expiration
Date or what proportion of the Rights will be exercised. The Offer may increase the volatility of the market price of the Fund’s
Common Shares. In addition, the Offer could be under-subscribed, in which case the Adviser will not have as much proceeds to invest on
behalf of the Fund (see “Use of Proceeds”). The likely impact of the Offer on NAV per share of Common Shares is shown by the
following example, assuming a $11.71 estimated Subscription Price per Common Share:

Example (assumes that NAV per share is above Subscription Price per share) (1)

| NAV(2)                 | $12.60 |
| Subscription Price     | $11.71 |
| Reduction in NAV($)(3) |  $0.23 |
| Reduction in NAV(%)(3) |  1.83% |

| (1) | This example assumes that the full                                          
 Primary Subscription is exercised. Actual amounts may vary due to rounding. |

| (2) | This example assumes that the Fund’s                                                                                                     
 NAV on the Expiration Date is $12.60 per share of Common Shares and that the Fund’s average market price is lower than the NAV           
 on that date. The Subscription Price used in this example was determined based on a formula equal to 92.5% of the reported NAV on the    
 Expiration Date or 95% of the average of the last reported sales price of a Common Share on the NYSE for the five trading days preceding 
 (and not inclusive of) the Expiration Date, whichever is higher, unless the Offer is extended.                                           |

| (3) | Assumes $201,572 in estimated offering 
 expenses.                              |

If you do not wish to exercise your Rights, you should
consider selling them as set forth in this Prospectus