Rivernorth Opportunities Fund Inc Stock Price, News & Analysis

RiverNorth Opportunities Fund (NYSE: RIV) has successfully completed its transferable rights offering, issuing 4,373,407 new common shares. The offering, which closed on November 5, 2021, priced shares at $16.81 each, based on 97.5% of the Fund's net asset value, generating gross proceeds of approximately $73.5 million. The offering was oversubscribed, with excess requests allocated pro-rata among participating shareholders. As of September 30, 2021, the Fund reported $221 million in net assets and 13.1 million shares outstanding.

RiverNorth Opportunities Fund (NYSE: RIV) announced preliminary results of its rights offering that expired on November 5, 2021. The Fund received requests for 5,228,431 shares, expecting to issue up to 4,373,407 new shares, generating gross proceeds of approximately $73.5 million. The subscription price was set at $16.81 per share, lower than the initial estimate of $16.94. The offering was oversubscribed, exceeding available over-subscription shares. Final results will be released on November 10, 2021.

RiverNorth Opportunities Fund (RIV) announced updates on its November 2021 monthly distribution, with an Ex Date set for November 15 and a Record Date for November 16. Shareholders will receive $0.17 per share, amounting to an annualized distribution rate of approximately 12.05%, based on a current NAV of $16.93. Shareholders who participated in the 2021 rights offering are eligible for this distribution. The next payment date is November 30, 2021. Investments in the Fund carry risks, including potential loss of capital and variable distribution rates.

RiverNorth Opportunities Fund (NYSE: RIV) announced a rights offering, allowing stockholders of record as of October 1, 2021, to purchase additional shares of common stock. Each stockholder will receive one transferable subscription right for each share held, enabling them to buy one new share for every three rights. The subscription price will be determined based on the higher of 97.5% of the net asset value or 95% of the market price upon expiration on November 5, 2021. Stockholders who fully exercise their rights will have the opportunity to purchase any unpurchased shares.

RiverNorth Opportunities Fund (RIV) announced that shareholders voted against converting the fund from a closed-end to an open-end investment structure during the meeting on August 20, 2021. CEO Patrick Galley expressed satisfaction with the outcome, suggesting that the closed-end structure is more beneficial for generating long-term risk-adjusted returns. The Fund will continue to operate under its current closed-end format, which does not allow continuous share issuance. ALPS Advisors serves as the investment adviser, while RiverNorth Capital Management acts as the sub-adviser.