0001501072
2026-08-28
2026-08-28
iso4217:USD
pure
false
424B2
0001501072
RiverNorth Opportunities Fund, Inc.
The following table is intended to assist
investors in understanding the fees and expenses (annualized) that an investor in Common Shares would bear, directly or indirectly.
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="border-bottom: Black 1pt solid; width: 90%"><b>Stockholder Transaction Expenses</b></td>
<td style="border-bottom: Black 1pt solid; width: 10%"> </td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td>Sales Load</td>
<td style="text-align: right"><span id="xdx_90D_ecef--SalesLoadPercent_dpn_c20260828__20260828_zrrPA0MmGRg6">None</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td>Dividend Reinvestment Plan Fees</td>
<td style="text-align: right"><span id="xdx_90B_ecef--DividendReinvestmentAndCashPurchaseFees_dpn_c20260828__20260828_fKDEp_zCVn7cONsOUl">None</span><sup>(1)</sup></td></tr>
<tr style="vertical-align: top; background-color: White">
<td> </td>
<td style="text-align: right"> </td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td style="border-bottom: Black 1pt solid"><b>Expenses of the Offer</b></td>
<td style="border-bottom: Black 1pt solid"> </td></tr>
<tr style="vertical-align: top; background-color: White">
<td>Offering Expenses Borne by Stockholders of the Fund<br/>
(as a percentage of net assets attributable to Common Shares before the Offer)</td>
<td style="vertical-align: bottom; text-align: right"><span id="xdx_90F_ecef--OtherTransactionExpensesPercent_dpn_c20260828__20260828_fKDIp_zdA3gkoYVfrc">0.08%</span><sup>(2)</sup></td></tr>
</table><div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F05_zyERxhzK9MEd" style="font-size: 11pt">(1)</span></td><td style="text-align: justify"><span id="xdx_F1A_zrOsGexgHELl" style="font-size: 11pt">There will be no brokerage charges with respect to Common Shares issued
directly by the Fund under the dividend reinvestment plan. You may pay brokerage charges in connection with open market purchases or if
you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.</span></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F0B_zYc9gLcbmosj" style="font-size: 11pt">(2)</span></td><td style="text-align: justify"><span id="xdx_F13_zZt4IQVR9q54" style="font-size: 11pt">The fees and expenses of the Offer will be borne by the Fund and indirectly
by all of its Stockholders, including those who did not exercise their Rights. The amount shown as Offering Expenses Borne by Stockholders
of the Fund is calculated as a percentage of the Fund’s net assets as of August 11, 2026, and assumes no Common Shares are sold
in the Offer. Assuming a fully subscribed Offer, this percentage would equal 0.06%. The expenses of the Offer to be paid by the Fund are
not included in the Annual Expenses table. Offering expenses borne by Stockholders will result in a reduction of capital of the Fund and
the NAV of the Common Shares.</span></td></tr></table></div>
0
0
0.0008
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
<td style="border-bottom: Black 1pt solid; width: 80%"><b>Annual Expenses</b> </td>
<td style="border-bottom: Black 1pt solid; width: 20%; text-align: center"><b>As a Percentage of Net Assets<br/>
Attributable to Common<br/>
Shares (Assuming the Use of Leverage Equal to<br/>
25.45% of the Fund’s Managed Assets)</b></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td>Management Fee<sup>(3)</sup></td>
<td style="text-align: right"><span id="xdx_900_ecef--ManagementFeesPercent_c20260828__20260828_fKDMp_zJj8rQYYJrx5">1.72%</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td>Leverage Costs<sup>(4)(5)(7)</sup></td>
<td style="text-align: right"><span id="xdx_906_ecef--InterestExpensesOnBorrowingsPercent_c20260828__20260828_fKDQpKDUpKDcp_zGfaLpxUZ5b3">0.10%</span></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td>Dividend and Interest Expense on Short Sales<sup>(7)</sup></td>
<td style="text-align: right"><span id="xdx_904_ecef--DividendAndInterestExpensesOnShortSalesPercent_c20260828__20260828_fKDcp_zP5D1G4fBJR8">0.05%</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td>Dividends on Preferred Shares<sup>(6)</sup></td>
<td style="text-align: right"><span id="xdx_90E_ecef--DividendExpenseOnPreferredSharesPercent_c20260828__20260828_fKDYp_zCOY2fNlj5q7">1.84%</span></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td>Other Expenses<sup>(7)</sup></td>
<td style="text-align: right"><span id="xdx_901_ecef--OtherAnnualExpensesPercent_c20260828__20260828_fKDcp_zAo22ju2mZgi">0.04%</span></td></tr>
<tr style="vertical-align: top; background-color: White">
<td style="padding-bottom: 1pt">Acquired Fund Fees and Expenses<sup>(8)</sup></td>
<td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_90A_ecef--AcquiredFundFeesAndExpensesPercent_c20260828__20260828_fKDgp_zNcaB5HUK86e">1.83%</span></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td>Total Annual Expenses</td>
<td style="text-align: right"><span id="xdx_909_ecef--TotalAnnualExpensesPercent_c20260828__20260828_zCIxFFZUnOTd">5.58%</span></td></tr>
</table><div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F03_zViVuSKaa73l" style="font-size: 11pt">(3)</span></td><td style="text-align: justify"><span id="xdx_F19_zSL5KqdH0uJb" style="font-size: 11pt"><span id="xdx_901_ecef--ManagementFeeNotBasedOnNetAssetsNoteTextBlock_c20260828__20260828_zBbpttVTdH57">The management fee paid by the Fund to RiverNorth Capital Management, LLC
(“RiverNorth” or the “Adviser”) is essentially an all-in fee structure (the “unified management fee”),
including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the
Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that
are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily
Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets
include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the
Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed
Assets represents 1.72% of net assets attributable to Common Shares assuming the use of leverage in an amount of 25.45% of the Fund’s
Managed Assets.</span> The Fund’s Managed Assets for the period ended June 30, 2026 (which includes the use of leverage discussed in footnote
(4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the same period to calculate
the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the Fund has Preferred Shares outstanding,
the management fee and certain other expenses as a percentage of net assets attributable to Common Shares is higher than if the Fund did
not utilize a leveraged capital structure.</span></td></tr></table></div><div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td id="xdx_F08_zTi56deRZt1" style="width: 20pt">(4)</td><td id="xdx_F1B_z5We3z7miC8e" style="text-align: justify">The actual amount of interest expense borne by the Fund will vary over time in accordance with the level
of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage” in the accompanying Prospectus.</td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F00_z4oORDuzu2fl" style="font-size: 11pt">(5)</span></td><td style="text-align: justify"><span id="xdx_F1B_zlm7vsUeISs8" style="font-size: 11pt">Leverage costs in the table reflect the cost to the Fund of borrowings,
including the unused borrowing fee paid on the line of credit for the BNP Facility, expressed as a percentage of the Fund’s net
assets as of June 30, 2026.</span></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F01_zmiJJp0nRji6" style="font-size: 11pt">(6)</span></td><td style="text-align: justify"><span id="xdx_F17_zue1RubqOJe1" style="font-size: 11pt">As of June 30, 2026, the Fund has issued 3,910,000 shares of 6.00% Series
A Preferred Stock with a liquidation preference of $97,750,000. The table assumes the use of leverage representing 25.45% of Managed Assets,
which reflects approximately the percentage of the Fund’s total average Managed Assets attributable to such leverage averaged over
the period ended June 30, 2026, at a weighted average annual expense to the Fund of 6.00%.</span></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F07_zS9WG0lAySje" style="font-size: 11pt">(7)</span></td><td style="text-align: justify"><span id="xdx_F1D_zVbRkeTH3QLa" style="font-size: 11pt"><span id="xdx_90A_ecef--OtherExpensesNoteTextBlock_c20260828__20260828_zEuwcnTKIHgj">Other Expenses, Leverage Costs and Dividend and Interest Expense on Short
Sales are estimated based on the Fund’s annual report dated June 30, 2026.</span></span></td></tr></table>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 20pt; text-align: justify; text-indent: -20pt"> </p>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F02_z6hcqUurz0kl" style="font-size: 11pt">(8)</span></td><td style="text-align: justify"><span id="xdx_F1D_znSc242e2brb" style="font-size: 11pt">The “Acquired Fund Fees and Expenses” disclosed above are based
on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change
substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total expense
ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund intends
to invest charge incentive fees based on the Underlying Funds’ performance. <span id="xdx_909_ecef--AcquiredFundFeesEstimatedNoteTextBlock_c20260828__20260828_z0pXKD8XWhIk">The 1.83% shown as Acquired Fund Fees and Expenses
reflects estimated operating expenses of the Underlying Funds and transaction-related fees.</span> Certain Underlying Funds in which the
Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,”
as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations
paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and
unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost
of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain
fees may be based on the performance of the Underlying Funds, which may fluctuate over time. <span id="xdx_90F_ecef--AcquiredFundFeesAndExpensesNoteTextBlock_c20260828__20260828_z2xlw0eAAQie">Acquired Fund Fees and Expenses are borne
indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the
table will differ from that presented in the Fund’s financial highlights.</span></span></td></tr></table></div>
0.0172
0.0010
0.0005
0.0184
0.0004
0.0183
0.0558
<p id="xdx_A8A_ecef--ExpenseExampleTableTextBlock_gRBEETTB-II_zRbViivXusIe" style="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify">Expense Example<sup>(9)</sup></p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"> </p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify">The purpose of the following table is to
help a holder of Common Shares understand the fees and expenses that such holder would bear directly or indirectly. The following example
illustrates the expenses that you would pay on a $1,000 investment in Common Shares, including the estimated costs of the Offer to be
borne by the Stockholders of $0.81, assuming (1) that the Fund’s net assets following (and after giving effect to) the Offer do
not increase or decrease, (2) that the Fund incurs total annual expenses of 5.66% of its net assets in year 1 and 5.58% in years
2 through 10 and (3) a 5% annual return.</p>
<p style="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"> </p>
<table cellpadding="2" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
<td style="width: 40%"> </td>
<td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 11pt"><b>1 year</b></span></td>
<td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 11pt"><b>3 years </b></span></td>
<td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 11pt"><b>5 years </b></span></td>
<td style="border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 11pt"><b>10 years </b></span></td></tr>
<tr style="vertical-align: top; background-color: Gainsboro">
<td><span style="font-size: 11pt">Total Expenses Incurred</span></td>
<td style="text-align: center"><span style="font-size: 11pt">$<span id="xdx_905_ecef--ExpenseExampleYear01_c20260828__20260828_fKDkp_zdI1P08EE9Qa">57</span></span></td>
<td style="text-align: center"><span style="font-size: 11pt">$<span id="xdx_901_ecef--ExpenseExampleYears1to3_c20260828__20260828_fKDkp_zCgt52Gdd7De">167</span></span></td>
<td style="text-align: center"><span style="font-size: 11pt">$<span id="xdx_906_ecef--ExpenseExampleYears1to5_c20260828__20260828_fKDkp_zo6jOTNaT1Vj">276</span></span></td>
<td style="text-align: center"><span style="font-size: 11pt">$<span id="xdx_90E_ecef--ExpenseExampleYears1to10_c20260828__20260828_fKDkp_zjMbBTKMUV2l">543</span></span></td></tr>
</table>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify"> </p>
<p style="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.7pt; text-align: justify">The example should not be considered
a representation of future expenses. Actual expenses may be greater or less than those assumed.</p>
<div>
<table cellpadding="0" cellspacing="0" style="font: 11pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 20pt"><span id="xdx_F0B_zvlJxCw5swF8" style="font-size: 11pt">(9)</span></td><td style="text-align: justify"><span id="xdx_F14_z1LQIDZsD6y2" style="font-size: 11pt">The example does not include sales load or estimated offering costs. The
example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses”
set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged
in leverage of 25.45% of Managed Assets, assuming interest and fees on leverage of 5.12%, including the interest and unused borrowing
fee paid on the line of credit under the BNP Credit Agreement (defined below), as well as the Fund’s continued use of Preferred
Shares. The cost of leverage is expressed as a blended interest/dividend rate, representing the weighted average cost of the Fund’s
leverage, including borrowings under the BNP Credit Agreement and dividends on the Fund’s Preferred Shares. Actual expenses may
be greater or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5%
annual return shown in the example.</span></td></tr></table></div>
57
167
276
543
The management fee paid by the Fund to RiverNorth Capital Management, LLC
(“RiverNorth” or the “Adviser”) is essentially an all-in fee structure (the “unified management fee”),
including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the
Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that
are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily
Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets
include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the
Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed
Assets represents 1.72% of net assets attributable to Common Shares assuming the use of leverage in an amount of 25.45% of the Fund’s
Managed Assets.
Other Expenses, Leverage Costs and Dividend and Interest Expense on Short
Sales are estimated based on the Fund’s annual report dated June 30, 2026.
The 1.83% shown as Acquired Fund Fees and Expenses
reflects estimated operating expenses of the Underlying Funds and transaction-related fees.
Acquired Fund Fees and Expenses are borne
indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the
table will differ from that presented in the Fund’s financial highlights.