DENVER, April 12,
2022 /PRNewswire/ -- RiverNorth Opportunities Fund,
Inc. (NYSE: RIV) (the "Fund") today announced that it has priced an
underwritten public offering of 3,400,000 shares of 6.00% Series A
Perpetual Preferred Stock (the "Preferred Stock") at a public
offering price of $25.00 per share,
which will result in net proceeds to the Fund of approximately
$81,877,500 after payment of
underwriting discounts and commissions and estimated offering
expenses payable by the Fund. In addition, the Fund has granted the
underwriters a 30-day option to purchase up to an additional
510,000 shares of Preferred Stock to cover overallotments, if
any.
The Fund has applied to list the Preferred Stock on the New York
Stock Exchange ("NYSE") under the ticker symbol "RIVPRA". If the
application is approved, trading on the NYSE in the Preferred Stock
is expected to begin within 30 days following the issuance date of
the Preferred Stock.
The Fund plans to use the net proceeds from the offering of the
Preferred Stock to invest in accordance with its investment
objective and policies, repay borrowings under the Fund's credit
facility and for general working capital purposes.
The offering is expected to close on April 20, 2022, subject to customary closing
conditions.
UBS Securities LLC, Morgan Stanley & Co. LLC and RBC Capital
Markets, LLC are acting as the joint book-running managers for the
offering.
The information in the preliminary prospectus supplement,
the accompanying prospectus and this press release is not complete
and may be changed. A registration statement relating to these
securities has been filed with and declared effective by the
Securities and Exchange Commission ("SEC"). This press release is
not an offer to sell these securities and is not soliciting offers
to buy these securities in any jurisdiction where the offer or sale
is not permitted.
Investors should consider the Fund's investment objective,
risks, and expenses carefully before investing. The preliminary
prospectus supplement (and the final prospectus supplement, when
available) and accompanying prospectus contains this and other
information about the Fund and should be read carefully before
investing. Copies of the preliminary prospectus supplement, final
prospectus supplement (when complete) and
accompanying prospectus may be obtained
for no charge by calling UBS Securities LLC toll-free at
1-888-827-7275, Morgan Stanley & Co. LLC at 1-866-718-1649 or
RBC Capital Markets, LLC at 1-866-375-6829. Copies of these
documents, when finalized, and other documents the Fund has filed
with the SEC may also be obtained by visiting EDGAR on the SEC's
website at www.sec.gov or on the Fund's website at
www.rivernorthcef.com.
The investment objective of the Fund is total return
consisting of capital appreciation and current income. The Fund had
approximately $286 million of net
assets and 17.5 million shares of common stock outstanding as of
December 31, 2021.
Closed-end funds are traded on the secondary market through
one of the stock exchanges. The Fund's investment return and
principal value will fluctuate so that an investor's shares may be
worth more or less than the original cost. Shares of closed-end
funds may trade above (a premium) or below (a discount) the net
asset value of the fund's portfolio. There is no assurance that the
Fund will achieve its investment objective.
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 Technologies,
Inc. ("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.
About SS&C ALPS Advisors
ALPS Advisors, Inc., a
wholly-owned subsidiary of SS&C, is a leading provider of
investment products for advisors and institutions. With over
$17 billion in assets under
management as of December 31, 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.
About RiverNorth Capital Management, LLC
RiverNorth
Capital Management, LLC is an investment management firm founded in
2000. With $5.8 billion1
in assets under management as of December
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 Firm AUM reflects Managed Assets which
includes the effects of leverage and investments in affiliated
funds.
This press release contains certain statements that may include
"forward-looking statements." Forward-looking statements can be
identified by the words "may," "will," "intend," "expect,"
"estimate," "continue," "plan," "anticipate," and similar terms and
the negatives of such terms. By their nature, all forward-looking
statements involve risks and uncertainties, and actual results
could differ materially from those contemplated by the
forward-looking statements. Many factors that could materially
affect the Fund's actual results are the performance of the
portfolio of securities held by the Fund, the conditions in the
U.S. and international financial and other markets, the price at
which Preferred Stock trades in the public markets and other
factors discussed in the Fund's preliminary prospectus supplement
and accompanying prospectus and to be discussed in the Fund's
periodic filings with the SEC.
Although the Fund believes that the expectations expressed in
such forward-looking statements are reasonable, actual results
could differ materially from those expressed or implied in such
forward-looking statements. The Fund's future financial condition
and results of operations, as well as any forward-looking
statements, are subject to change and are subject to inherent risks
and uncertainties. You are cautioned not to place undue reliance on
these forward-looking statements, which are made as of the date of
this press release. Except for the Fund's ongoing obligations under
the federal securities laws, the Fund does not intend, and the Fund
undertakes no obligation, to update any forward-looking
statement.
* Registered Representative of ALPS Distributors,
Inc.
RVC000368 4/30/2023
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SOURCE RiverNorth Opportunities Fund, Inc