Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 27

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 27
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holders
are entitled to subscribe for additional Common Shares at the same Subscription Price pursuant to the Over-Subscription Privilege, subject
to certain limitations and subject to allotment.

Record Date Stockholders who fully exercise
all Rights initially issued to them are entitled to buy those Common Shares that were not purchased by other Rights holders (the “Over-Subscription
Shares”) at the same Subscription Price. If enough Over-Subscription Shares are available, all such requests will be honored in
full. If the requests for Over-Subscription Shares exceed the Over-Subscription Shares available, the available Over-Subscription Shares
will be allocated pro rata among those Record Date Stockholders who over-subscribe based on the number of Rights originally issued
to them by the Fund.

| S-20 |

Record Date Stockholders who are fully exercising
their Rights during the Subscription Period should indicate, on the Subscription Certificate that they submit with respect to the exercise
of the Rights issued to them, how many Common Shares they are willing to acquire pursuant to the Over-Subscription Privilege. Rights acquired
in the secondary market may not participate in the Over-Subscription Privilege.

To the extent sufficient Over-Subscription
Shares are not available to fulfill all over-subscription requests, the Over-Subscription Shares will be allocated pro-rata among those
Record Date Stockholders who over-subscribe based on the number of Rights originally issued to them by the Fund. The allocation process
may involve a series of allocations in order to assure that the Over-Subscription Shares available are distributed on a pro rata
basis.

The formula to be used in allocating the Over-Subscription
Shares available is as follows: (Stockholder’s number of Rights originally issued to them by the Fund divided by the total number
of Rights of all over-subscribing Record Date Stockholders) multiplied by Over-Subscription Shares available for distribution.

Banks, broker-dealers, trustees and other
nominee holders of Rights will be required to certify to the Subscription Agent, before any Over-Subscription Privilege may be exercised
with respect to any particular beneficial owner, as to the aggregate number of Rights exercised during the Subscription Period and the
number of Common Shares subscribed for pursuant to the Over-Subscription Privilege by such beneficial owner and that such beneficial owner’s
subscription was exercised in full. Nominee holder over-subscription forms and beneficial owner certification forms will be distributed
to banks, broker-dealers, trustees and other nominee holders of rights with the Subscription Certificates. Nominees should also notify