Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 111

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 111
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otment, stabilizing transactions, short-covering transactions and penalty bids in accordance with Regulation M under the Exchange Act.

| ● | Overallotment                                                                 
 involves sales in excess of the offering size, which create a short position. |

| ● | Stabilizing                                                                             
 transactions permit bids to purchase the underlying security so long as the stabilizing 
 bids do not exceed a specified maximum price. Stabilizing transactions may occur when   
 the demand for the shares of an offering is less than expected.                         |

| ● | Syndicate-covering                                                                       
 or other short-covering transactions involve purchases of the securities, either through 
 exercise of the overallotment option or in the open market after the distribution is     
 completed, to cover short positions.                                                     |

| ● | Penalty                                                                                        
 bids permit the underwriters to reclaim a selling concession from a dealer when the securities 
 originally sold by the dealer are purchased in a stabilizing or covering transaction           
 to cover short positions.                                                                      |

Any of these activities may stabilize or maintain the market price of the Securities above independent market levels. The underwriters are not required to engage in these activities, and may end any of these activities at any time.

Any underwriters that are qualified market makers on the NYSE may engage in passive market making transactions in the Fund’s shares on the NYSE in accordance with Regulation M under the Exchange Act, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the Fund’s shares. Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not in excess of the highest independent bid for such security; if all independent bids are lowered below the passive market maker’s bid, however, the passive market maker’s bid must then be lowered when certain purchase limits are exceeded. Passive market making may stabilize the market price of the securities at a level above that which might otherwise prevail in the open market and, if commenced, may be discontinued at any time.

In connection with any rights offering, the Fund may also enter into a standby underwriting arrangement with one or more underwriters pursuant to which the underwriter(s) will purchase Common Shares and/or other Securities remaining unsubscribed for after the rights offering.

Any underwriters to whom the offered Securities are sold for offering and sale may make a market in the offered Securities, but the underwriters will not be obligated to do so and may discontinue any market-making at any time without