Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 50

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 50
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 time may be worth less than the original investment, even after taking into account any reinvestment of dividends     
 and distributions.                                                                                                                    
 Special                                                                                                                               
 Purpose Acquisition Companies Risks: The Fund may invest in SPACs. SPACs are collective investment structures that pool               
 funds in order to seek potential acquisition opportunities. SPACs are generally publicly traded companies that raise funds through    
 an IPO for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC’s IPO. The securities     
 of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial                     
 right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until an acquisition is completed,  
 a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities    
 and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to         
 seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s     
 management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or       
 regions, which may increase the volatility of their prices. If 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.                       |

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| Defaulted                                                                                                                              
 and Distressed Securities Risks. The Underlying Funds may invest directly in                                                           
 defaulted and distressed securities. Legal difficulties and negotiations with creditors                                                
 and other claimants are common when dealing with defaulted or distressed companies. Defaulted                                          
 or distressed companies may be insolvent or in bankruptcy. In the event of