Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 1

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 1
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RIV.” As of August 22, 2025, the last reported net asset value (“NAV”) per Common Share was $12.60,
and the last reported sales price per Common Share on the NYSE was $12.36.

The Offer will expire at 5:00 p.m., Eastern
Time, on October 6, 2025, unless the Offer is extended as described in this Prospectus Supplement (the “Expiration Date”).
The subscription price (“Subscription Price”) per Common Share will be determined based upon a formula equal to 92.5% of the
reported NAV or 95% of the market price per Common Share, whichever is higher, on the Expiration Date, unless the Offer is extended. Market
price per Common Share will be determined based on 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.

| S-1 |

Rights holders will not know the Subscription
Price at the time of exercise and will be required initially to pay for both the Common Shares subscribed for pursuant to the Primary
Subscription and, if eligible, any additional Common Shares subscribed for pursuant to the Over-Subscription Privilege, at the estimated
subscription price of $11.71 per Common Share and, except in limited circumstances, will not be able to rescind their subscription. Rights
acquired in the secondary market may not participate in the Over-Subscription Privilege.

Exercising your Rights and investing in the Fund involves a high degree of risk and may be considered speculative. Before exercising your Rights and investing in the Fund, you should read the discussion of the material risks in “Risks” beginning on page 46 of the accompanying Prospectus.

In addition, you should consider the following:

| ● | Stockholders who do not exercise their Rights will, at the completion of the Offer, own a smaller proportional interest in the Fund than if they exercised their Rights, which will proportionately decrease the relative voting power of those stockholders. |

| ● | Because the Subscription Price per Common Share may be below the NAV per Common Share on the Expiration Date, you will likely experience an immediate dilution of the aggregate NAV of your Common Shares if you do not participate in the Offer and you will likely experience a reduction in the NAV per share of your common stock whether or not you participate in the Offer. |

| ● | All participating and non-participating stockholders will experience an immediate dil