Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 21

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 21
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                                                                              |     | Actual |             |     | As Adjusted 
 (unaudited) |             |
|:-----------------------------------------------------------------------------|:----|:-------|------------:|:----|:------------|------------:|
| Common Shares, $0.0001 par value per share, 37,500,000 shares authorized,    
 21,472,248 outstanding (actual), 28,630,248 shares outstanding (as adjusted) |     | $      | 248,290,883 |     | $           | 331,909,491 |
| Total Distributable Earnings                                                 |     |        |  20,383,524 |     |             |  20,383,524 |
| Total Capitalization                                                         |     | $      | 268,674,407 |     | $           | 352,293,015 |

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

The Fund estimates the net proceeds of the
Offer to be approximately $83,618,608. This figure is based on an estimated Subscription Price per Common Share of $11.71 and assumes
all new Common Shares offered are sold and that the expenses related to the Offer estimated at approximately $201,572 are paid.

The Adviser anticipates that investment of
the proceeds will be made in accordance with the Fund’s investment objective and policies as appropriate investment opportunities
are identified, which is expected to be completed or substantially completed within approximately three months from receipt. Pending such
investment, the proceeds will be held in high quality short-term debt securities and instruments.

<div align='center'>DESCRIPTION OF THE OFFER</div>

Purpose of the Offer

The Board has determined, based on the recommendation
of the Adviser, that it would be in the best interests of the Fund and its existing Stockholders to increase the assets of the Fund available
for investment, thereby permitting the Fund to be in a better position to more fully take advantage of investment opportunities that may
arise without having to reduce existing Fund holdings. In making this determination, the Board considered a number of factors, including
potential benefits and costs. The Offer seeks to reward existing Stockholders by giving them the right to purchase additional Common Shares
at a price that may be below market and/or NAV without incurring any commission charge. The distribution to Stockholders of transferable
Rights, which themselves may have intrinsic value, will also afford non-subscribing Stockholders the potential of receiving a cash payment
upon sale of such