RiverNorth Opportunities Fund, Inc. Announces Rights Offering

Rhea-AI Summary

On September 21, 2020, RiverNorth Opportunities Fund, Inc. (NYSE: RIV) announced a rights offering for its stockholders to purchase additional shares. Stockholders of record as of October 2, 2020, will receive one transferable subscription right for each share held, with the ability to buy one new share for every three rights. The subscription price will be set at 95% of the higher of the net asset value or the market price on the expiration date, November 3, 2020. The offering will follow SEC regulations and a prospectus will be provided.

Positive

• The rights offering provides stockholders with the opportunity to acquire additional shares, which can potentially increase their investment stake.
• The subscription price is set at a discount to the net asset value or market price, offering an incentive for investors.

Negative

• Stockholders who exercise their rights will not receive distributions in October 2020 for shares purchased through the offering.

DENVER, Sept. 21, 2020 /PRNewswire/ -- RiverNorth Opportunities Fund, Inc. (NYSE: RIV) (the "Fund") announces that its Board of Directors has authorized and set the terms of an offering to the Fund's stockholders of rights to purchase additional shares of common stock of the Fund.

In this offering, the Fund will issue transferable subscription rights ("Rights") to its stockholders of record as of October 2, 2020 (the "Record Date" and such stockholders, "Record Date Stockholders") allowing the holder to subscribe for new shares of common stock of the Fund (the "Primary Subscription"). Record Date Stockholders will receive one Right for each share of common stock held on the Record Date. For every three Rights held, a holder of Rights may buy one new share of common stock of the Fund. Record Date Stockholders who exercise their Rights will not be entitled to distributions payable during October 2020 on shares issued in connection with the Rights Offering. The Rights are expected to be listed and tradable on the New York Stock Exchange ("NYSE") under the ticker: RIV RT. 

Record Date Stockholders who fully exercise all Rights initially issued to them in the Primary Subscription will be entitled to buy those shares of common stock that are not purchased by other Record Date Stockholders.

The subscription price per share of common stock will be determined based upon a formula equal to 95% of the reported net asset value or 95% of the market price per share of common stock, whichever is higher on the Expiration Date (as defined below). Market price per share of common stock will be determined based on the average of the last reported sales price of a share of common stock on the NYSE for the five trading days preceding (and not including) the Expiration Date.  The subscription period will expire on November 3, 2020, unless extended by the Board (the "Expiration Date").

The rights offering will be made pursuant to the Fund's currently effective shelf registration statement on file with the Securities and Exchange Commission ("SEC") and only by means of a prospectus supplement and accompanying prospectus. A final prospectus supplement and accompanying prospectus will be filed with the SEC, but has not been filed as of the date of this release. The Company expects to mail subscription certificates evidencing the subscription rights and a copy of the prospectus supplement and accompanying prospectus for the rights offering shortly following the Record Date. These securities described in this release may not be sold nor may offers to purchase be accepted prior to the time the prospectus supplement and accompanying prospectus are filed with the SEC.

This press release shall not constitute an offer to sell or constitute a solicitation of an offer to buy. Investors should read the prospectus supplement and accompanying prospectus, when available, and consider the investment objective, risks, fees and expenses of the Fund carefully before investing. To obtain a copy of the prospectus supplement and accompanying prospectus, when available, or the Fund's annual report or semi-annual report, each of which contains this and other information about the Fund, visit www.rivernorthcef.com or call 855.830.1222. Please read them carefully before investing.

Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. To obtain an annual report, semi-annual report or prospectus which contains this and other information, click here or call 1-855-830-1222. Read them carefully before investing.

RiverNorth Opportunities Fund, Inc.

The investment objective of the Fund is total return consisting of capital appreciation and current income. The Fund had approximately $142.5 million of net assets and 9.4 million shares of common stock outstanding as of September 15, 2020.

The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund now trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value. ALPS Advisors, Inc. is the investment adviser to the Fund. RiverNorth Capital Management, LLC is the investment sub-adviser to the Fund. RiverNorth is not affiliated with ALPS or any of its affiliates.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies

to small and mid-market firms, rely on SS&C for expertise, scale and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

 About ALPS Advisors

ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. Headquartered in Denver, CO with over $12 billion under management as of June 30, 2020, ALPS Advisors is an open architecture boutique investment manager offering portfolio building blocks, active insight and an unwavering drive to guide clients to investment outcomes across sustainable income, thematic and alternative growth strategies. For more information, visit www.alpsfunds.com/.

RiverNorth Capital Management, LLC

RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.

ALPS Portfolio Solutions Distributor, Inc., FINRA Member.

APSD, ALPS Distributor, Inc. and ALPS Advisors, Inc. are affiliated.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

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SOURCE RiverNorth Opportunities Fund, Inc.

FAQ

What is RiverNorth Opportunities Fund's recent offering about?

RiverNorth Opportunities Fund announced a rights offering allowing stockholders to purchase additional shares at a price based on net asset value or market price.

When is the record date for the RiverNorth rights offering?

The record date for the rights offering is October 2, 2020.

What is the expiration date for the RiverNorth rights offering?

The expiration date for the rights offering is November 3, 2020.

How can stockholders participate in the RiverNorth rights offering?

Stockholders can participate by exercising their rights to purchase new shares of common stock at a specified price.

What will happen if stockholders do not exercise their rights in the RiverNorth offering?

If stockholders do not exercise their rights, they may miss the opportunity to purchase additional shares at a discount.