Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 9

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 9
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 allow Record Date Stockholders to subscribe for new Common Shares of the Fund
in an aggregate amount of approximately 7,158,000 Common Shares (the “Offer”). Record Date Stockholders will receive one Right
for each Common Share held on the Record Date. For every three Rights held, you are entitled to purchase one new Common Share of the Fund.
Record Date Stockholders who fully exercise their Rights may also, in certain circumstances, purchase additional Common Shares (the “Over-Subscription
Shares”) pursuant to an over-subscription privilege (the “Over-Subscription Privilege” or the “Over-Subscription”).
The number of Rights to be issued to each Record Date Stockholder will be rounded up to the nearest number of Rights evenly divisible
by three. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, new Common Shares may be purchased only pursuant
to the exercise of Rights in integral multiples of three.

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The Rights are transferable and will be admitted
for trading on the NYSE under the symbol “RIV.RT” during the course of the Offer. The Fund’s Common Shares are currently
listed, and the new Common Shares issued in this Offer will also be listed, on the NYSE under the symbol “RIV”. On 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. Common Shares of the Fund, as a closed-end fund, can trade at a discount to NAV. Upon expiration of the Offer,
the Fund expects that Common Shares will likely be issued at a price below NAV per share.

Rights holders may not know the Subscription
Price at the time