Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 11

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 11
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 on the number of Rights originally
issued to them by the Fund. Common Shares acquired pursuant to the Over-Subscription Privilege are subject to allotment.

Rights acquired in the secondary market may notparticipate in the Over-Subscription Privilege.

If Stockholders do not participate in the
over-subscription offer (if any), their percentage ownership may be further diluted.

Notwithstanding the above, the Board has the
right in its absolute discretion, to eliminate the Over-Subscription Privilege with respect to the Over-Subscription Shares if it considers
it to be in the best interest of the Fund to do so. The Board may make that determination at any time, without prior notice to Rights
holders or others, up to and including the seventh day following the Expiration Date. See “Terms of the Offer - Over-Subscription
Privilege.”

Sale of Rights

The Rights are transferable until the completion
of the Subscription Period and will be admitted for trading on the NYSE. Although no assurance can be given that a market for the Rights
will develop, trading in the Rights on the NYSE will begin on or around the Record Date and may be conducted until the close of trading
on the last NYSE trading day prior to the completion of the Subscription Period. For purposes of this Prospectus Supplement, a “Business
Day” means any day on which trading is conducted on the NYSE.

The value of the Rights, if any, will be reflected
by the market price. Rights may be sold by individual holders or may be submitted to the Subscription Agent for sale (please see “Terms
of the Offer - Method of Transferring Rights”). Any Rights submitted to the Subscription Agent for sale must be received by the
Subscription Agent on or before September 29, 2025, five Business Days prior to the completion of the Subscription Period, due to normal
settlement procedures. Selling stockholders are responsible for all brokerage commissions incurred by the Subscription Agent as well as
other fees and expenses associated with a transfer of Rights.

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Rights that are sold will not confer any right to acquire any Common Shares in the Over-Subscription, and any Record Date Stockholder who sells any Rights initially issued to such Stockholder will not be eligible to participate in the Over-Subscription.

Trading of the Rights on the NYSE will be
conducted on a when-issued basis until and including the date on which the Subscription Certificates are mailed to Record Date Stockholders,
and thereafter will be conducted on a