DENVER, Sept. 22, 2021 /PRNewswire/ -- RiverNorth
Opportunities Fund, Inc. (NYSE: RIV) (the "Fund") announces that
its Board of Directors (the "Board") 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 1, 2021 (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 2021 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 97.5% 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 5, 2021, 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.
The investment objective of the Fund is total return
consisting of capital appreciation and current income. The Fund had
approximately $220 million of net
assets and 12.9 million shares of common stock outstanding as of
September 7, 2021.
The Fund is a closed-end fund and does not continuously issue
shares for sale as open-end mutual funds do. Since the initial
public offering, the Fund now trades in the secondary market.
Investors wishing to buy or sell shares need to place orders
through an intermediary or broker. The share price of a closed-end
fund is based on the market's value.
ALPS Advisors, Inc. is the investment adviser to the
Fund.
RiverNorth Capital Management, LLC is the investment
sub-adviser to the Fund. RiverNorth Capital Management, LLC is not
affiliated with ALPS Advisors, Inc. or any of its
affiliates.
ALPS Portfolio Solutions Distributor, Inc. is the FINRA
Member firm.
NOT FDIC INSURED | May Lose Value | No Bank Guarantee
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 SS&C 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. With over $18.5 billion in assets under management as of
June 30, 2021, the firm provides
access to asset classes and boutique asset managers in real assets,
alternatives, thematic/factor and fixed income through both ETF and
open-end mutual fund structures. For more information, visit
www.alpsfunds.com.
About RiverNorth Capital Management, LLC
RiverNorth Capital Management, LLC is an investment management firm
founded in 2000. With $5.5
billion1 in assets under management as of
July 31, 2021, RiverNorth specializes
in opportunistic investment strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is an
institutional investment manager to registered funds, private funds
and separately managed accounts.
1 Managed Assets includes assets
attributable to leverage and investments in affiliated
funds.
RVC000340 9/30/2022
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SOURCE RiverNorth Opportunities Fund, Inc.