Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 2

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 2
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 if this Prospectus Supplement or the accompanying Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>Prospectus Supplement dated May 20, 2025</div>

(continued on following page)

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Principal Investment Strategies.
The Fund seeks to achieve its investment objective by pursuing a tactical asset allocation strategy and opportunistically investing under
normal circumstances in closed-end funds, exchange-traded funds (“ETFs”), business development companies (“BDCs”
and collectively, “Underlying Funds”) and special purpose acquisition companies (“SPACs”). Under normal market
conditions, the Fund will invest at least 80% of its Managed Assets in Underlying Funds and SPACs. “Managed Assets” means
the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and
any preferred stock that may be outstanding). The Underlying Funds in which the Fund invests will not include those that are advised or
subadvised by RiverNorth Capital Management, LLC (the “Adviser”) or its affiliates.

In selecting closed-end funds,
the Adviser will opportunistically utilize a combination of short-term and longer-term trading strategies to seek to derive value from
the discount and premium spreads associated with closed-end funds. The Adviser employs both a quantitative and qualitative approach in
its selection of closed-end funds and has developed proprietary screening models and trading algorithms to trade closed-end funds. The
Fund will invest in other Underlying Funds and SPACs (that are not closed-end funds) to gain exposure to specific asset classes when the
Adviser believes closed-end fund discount or premium spreads are not attractive or to manage overall closed-end fund exposure in the Fund.

The Adviser has the flexibility
to change the Fund’s asset allocation based on its ongoing analysis of the equity, fixed income and alternative asset markets. The
Adviser considers various quantitative and qualitative factors relating to the domestic and foreign securities markets and economies when
making asset allocation and security selection decisions. While the Adviser continuously evaluates these factors, material shifts in the
Fund’s asset class exposures will typically take place over longer periods of time.

Under normal market conditions,
the Fund intends to maintain long positions in Underlying Funds and SPACs, but may engage in short sales for investment purposes. When
the Fund engages in a short sale, it sells a security it does not own and, to complete the sale, borrows the same security from a