Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 26

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 26
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 entitled to receive any dividends. The Series A Cumulative Perpetual Preferred Stock is generally not redeemable
at the Fund’s option prior to May 15, 2027, and is subject to mandatory redemption by the Fund in certain circumstances. On or after
May 15, 2027, the Fund may redeem in whole, or from time to time in part, outstanding Series A Cumulative Perpetual Preferred Stock at
a redemption price per share equal to the per share liquidation preference of $25.00 per share, plus accumulated and unpaid dividends,
if any, through the date of redemption.

| 40 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

| Series   |     | First Redemption Date |     | Fixed Rate |       |   |     | Shares Outstanding |           |     | Aggregate Liquidation Preference |            |     | Fair Value |            |
|:---------|:----|:----------------------|:----|:-----------|------:|:--|:----|:-------------------|----------:|:----|:---------------------------------|-----------:|:----|:-----------|-----------:|
| Series A |     | May 15, 2027          |     |            | 6.000 | % |     |                    | 3,910,000 |     | $                                | 97,750,000 |     | $          | 91,220,300 |

8. CAPITAL SHARE TRANSACTIONS

The Fund’s authorized capital stock consists
of 37,500,000 shares of common stock, $0.0001 par value per share and 3,910,000 shares of Series A Preferred Stock. Under the rules of
the NYSE applicable to listed companies, the Fund is required to hold an annual meeting of stockholders in each year.

Under the Fund’s Charter, the Board is authorized
to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of shares of
stock without obtaining stockholder approval. Also, the Fund’s Board, with the approval of a majority of the entire Board, but without
any action by the stockholders of the Fund, may amend the Fund’s Charter from time to time to increase or decrease the aggregate
number of shares of stock of the Fund or the number of shares of stock of any class or series that the Fund has authority to issue.

During the years ended July 31, 2023 and July