Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 38

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 38
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 give
rise to possible excise taxes. For example, in the case of Benefit Plans qualified under Section 401(a) of the Code, and certain other
retirement plans, additional cash contributions could cause the maximum contribution limitations of Section 415 of the Code and other
tax-qualification rules to be violated. Benefit Plans contemplating making additional cash contributions to the Benefit Plan to fund the
exercise of Rights should consult with their counsel prior to making such contributions. There may also be reportable distributions, and
other adverse tax and ERISA consequences, if Rights are sold or transferred by a Benefit Plan. If any portion of an IRA is used as security
for a loan, the portion so used could be treated as distributed to the IRA depositor, and other adverse consequences could arise.

Additional special issues may arise in the
case of any Benefit Plan sponsored or maintained by the Fund or any affiliate thereof.

ERISA contains fiduciary responsibility requirements, and ERISA and the Code contain prohibited transaction rules, that may impact the exercise or transfer of Rights. Due to the complexity of these rules and the penalties for noncompliance, Benefit Plans should consult with their counsel and other advisors regarding the consequences of their exercise or transfer of Rights under ERISA and the Code.

<div align='center'>DILUTION AND OTHER INVESTMENT CONSIDERATIONS FOR THE OFFER</div>

Estimated Dilution.

Assuming, for example, that all Rights are
exercised, the Subscription Price is $11.71 and the Fund’s NAV per Common Share at the expiration of the Offer is $12.60, the Fund’s
NAV per Common Share (after payment of estimated offering expenses) would be reduced by approximately $0.23 or 1.83% per Common Share.

Stockholders who do not exercise their Rights
will, at the completion of the Offer, own a smaller proportional interest in the Fund than if they exercised their Rights, which will
proportionately decrease the relative voting power of those Stockholders. Because the Subscription Price per Common Share will be below
the NAV per Common Share on the Expiration Date, you will experience an immediate dilution of the aggregate NAV of your Common Shares
if you do not participate in the Offer and you will experience a reduction in the NAV per share of your Common Shares whether or not you
participate in the Offer. In addition, whether or not you exercise your Rights, you will experience a dilution of net assets of the Common
Shares because you will indirectly