Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 36

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 36
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, state, local, foreign or other tax consequences, relevant to their particular
circumstances.

| S-26 |

The Fund believes that the value of a Right
will not be includible in the income of a Record Date Stockholder at the time the Right is issued, and the Fund will not report to the
Internal Revenue Service that a Record Date Stockholder has income as a result of the issuance of the Right; however, there is no guidance
directly on point concerning certain aspects of the Offer. The remainder of this discussion assumes that the receipt of the Rights by
Record Date Stockholders will not be a taxable event for U.S. federal income tax purposes.

Except as provided below, the basis of a Right
issued to a Record Date Stockholder will be zero, and the basis of the Common Share with respect to which the Right was issued (the “Old
Common Share”) will remain unchanged. A Record Date Stockholder is required to allocate the basis of the Old Common Share between
the Old Common Share and the Right in proportion to their respective fair market values on the date of distribution only if (i) either
(a) the fair market value of the Right on the date of distribution is at least 15% of the fair market value of the Old Common Share (not
including the Right) on that date, or (b) the Record Date Stockholder affirmatively elects (by attaching a statement to the Record Date
Stockholder’s federal income tax return for the year in which the Right is received) to allocate the basis of the Old Common Share
between the Old Common Share and the Right, and (ii) the Right does not expire unexercised in the hands of the Record Date Stockholder
(i.e., the Record Date Stockholder either exercises or sells the Right).

No loss will be recognized by a Record Date
Stockholder if a Right distributed to the Record Date Stockholder expires unexercised in the hands of the Record Date Stockholder. The
basis of a Right purchased in the market will generally be its purchase price. If a Right that has been purchased in the market expires
unexercised, the holder will recognize a loss equal to the basis of the Right.

Any gain or loss on the sale of a Right or,
in the case of a Right purchased in the market, any loss from a Right that expires unexercised, will be a capital gain or loss if the
Right is held as a capital asset (which in the case