DENVER, Nov. 8, 2021 /PRNewswire/ -- RiverNorth
Opportunities Fund, Inc. (NYSE: RIV) (the "Fund") is pleased to
announce the preliminary results of its transferable rights
offering (the "Offering") which expired on November 5, 2021 (the "Expiration Date").
In the Offering, the Fund received subscription requests for
5,228,431 shares of common stock from rights holders. Accordingly,
the Fund expects to issue up to 4,373,407 new common shares for
these subscriptions, pending the receipt of payment for
"delivery-guaranteed" subscriptions, on or about November 9, 2021. Gross proceeds from the
Offering are expected to total approximately $73,516,972, before expenses. Shares of
common stock issued pursuant to the Rights Offering will be record
date shares for the purposes of the Fund's November 2021 distribution payable.
The Offering was oversubscribed and the over-subscription
requests exceeded the over-subscription shares available.
Accordingly, the shares issued as part of the over-subscription
privilege of the Offering will be allocated pro-rata among record
date stockholders who submitted over-subscription requests based on
the number of rights originally issued to them by the Fund.
The foregoing numbers are estimates only. The Fund will announce
the final results of the Rights Offering in a press release on or
about November 10, 2021.
The Offering's final subscription price was determined to be
$16.81 per share. The subscription
price was established by the Fund's Board of Directors pursuant to
the terms of the Offering, and based upon the formula equal to
97.5% of the Fund's reported net asset value per share on the
Expiration Date. The final subscription price is lower than
the original estimated subscription price of $16.94 per share. Accordingly, any excess
payments will be returned to subscribing rights holder as soon as
practicable, in accordance with the prospectus supplement and
accompanying prospectus, filed with the Securities and Exchange
Commission on September 28, 2021.
This press release shall not constitute an offer to sell or 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 $221 million of net
assets and 13.1 million shares of common stock outstanding as of
September 30, 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 billion
in assets under management as of September
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
September 30, 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.
¹Firm AUM reflects Managed Assets which includes
the effects of leverage and investments in affiliated
funds.
*Registered Representative of ALPS Distributors,
Inc.
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SOURCE RiverNorth Opportunities Fund, Inc