Company: RFMZ
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009954
Chunk: 18

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-05-21
Form: 424B5
Chunk 18
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 | -6.40%             | -9.58%  |

| S-7 |

As of April 28, 2025, the NAV
per Common Share was $14.12, trading prices ranged between $12.54 and $12.62 (representing a discount to NAV of 11.19% and 10.62%, respectively)
and the closing price per Common Share was $12.61 (representing a discount to NAV of 10.69%).

Outstanding Securities

The following table provides information
about the Fund’s outstanding securities as of April 28, 2025:

| (1)            |                -2 |                         -3 |                                  -4 |
| Title of Class | Amount Authorized | Amount Held by Fund or for 
                its account |                  Amount Outstanding 
 Exclusive of Amount Shown under (3) 
                As of April 28, 2025 |
| Common Stock   |        50,000,000 |                       None |                          24,351,756 |

<div align='center'>USE OF PROCEEDS</div>

Unless otherwise specified in
this Prospectus Supplement, the Adviser anticipates that investment of the proceeds will be made in accordance with the Fund’s investment
objectives and policies, or for other general corporate purposes. It is currently anticipated that the Fund will be able to invest substantially
all of the net proceeds of an offering of Common Shares in accordance with its investment objectives and policies within three months
after the completion of such offering. Pending such investment, the proceeds will be invested in cash, cash equivalents, short-term debt
securities or U.S. government securities. A delay in the anticipated use of proceeds could lower returns and reduce the Fund’s distribution
to Common Shareholders.

| S-8 |

<div align='center'>PLAN OF DISTRIBUTION</div>

The Fund has entered into the
Distribution Agreement with ALPS Distributors, Inc., pursuant to which the Fund may offer and sell up to 4,000,000 Common Shares from
time to time through the Distributor in transactions that are deemed to be “at the market” as defined in Rule 415 under the
Securities Act. The minimum price on any day at which Common Shares may be sold will not be less than the Minimum Price, which will be
equal to the then current NAV per Common Share plus the per Common Share amount of the commission to be paid to the Distributor. The Fund
and the Distributor will determine