Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
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Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
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Filed Pursuant to Rule 424(b)(5)
File No. 333-283156

Prospectus Supplement
(To Prospectus dated March 31, 2025)

<div align='center'>RiverNorth Opportunities Fund, Inc.Up to 15,000,000 Shares of Common Stock</div>

RiverNorth Opportunities Fund,
Inc. (the “Fund”) has entered into a distribution agreement, dated May 20, 2025 (the “Distribution Agreement”) with
ALPS Distributors, Inc. (the “Distributor”), relating to the Fund’s shares of common stock, $0.0001 par value per share
(the “Common Shares”), offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms
of the Distribution Agreement, the Fund may offer and sell up to 15,000,000 of the Fund’s Common Shares from time to time through
the Distributor. This amount represents Common Shares previously registered on Form N-2 (Reg. No. 333-257554 and Reg. No. 333-274473)
that are unsold and are being carried forward as permitted by Rule 415(a)(6) and Rule 457(p) under the Securities Act of 1933, as amended
(the “Securities Act”). Under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund may not
sell any Common Shares at a price below the current net asset value (“NAV”) of such Common Shares, exclusive of any distributing
commission or discount. The Fund is a diversified, closed-end management investment company which commenced investment operations in December
2015. The Fund’s investment objective is total return consisting of capital appreciation and current income.

The Fund’s Common Shares
are listed on the New York Stock Exchange (“NYSE”) under the symbol “RIV.” As of April 28, 2025, the last reported
sale price for the Fund’s Common Shares was $11.30 per Common Share. As of April 28, 2025, the last reported NAV for the Fund’s
Common Shares was $11.98.

Sales of the Fund’s Common
Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions
that are deemed to be “at the market” as defined in Rule 415 under the Securities Act, including sales made directly on the
NYSE or sales made to or through a market maker other than on an