Welcome to our dedicated page for RiverNorth Opportunities news (Ticker: RIV), a resource for investors and traders seeking the latest updates and insights on RiverNorth Opportunities stock.
RiverNorth Opportunities Fund, Inc. (RIV) reports developments for a diversified closed-end management investment company with an investment objective of total return through capital appreciation and current income. News commonly covers common-share distributions, preferred-share dividends on its 6.000% Series A Perpetual Preferred Stock, and distribution-source disclosures tied to fund payments.
Company updates also address transferable rights offerings, NAV-based subscription pricing, changes to common shares outstanding, and capital-structure matters for the secondary-market-traded closed-end fund. Governance and shareholder voting items appear alongside operating and financial results and updates involving RiverNorth Capital Management, LLC.
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.
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RiverNorth Opportunities Fund, Inc. (NYSE: RIV) has successfully completed its rights offering, issuing 575,706 new common shares. The offering, which closed on November 6, 2020, generated approximately $8.1 million in gross proceeds at a subscription price of $14.08 per share. As of September 30, 2020, the Fund had $140.3 million in net assets and 9.4 million shares outstanding. The Fund's goal is total return through capital appreciation and current income, with investors advised to review associated risks and fees before investing.
RiverNorth Opportunities Fund (NYSE: RIV) announced preliminary results of its rights offering, which expired on November 6, 2020. The fund received subscriptions for 575,813 shares, anticipating gross proceeds of approximately $8.1 million. The final subscription price was set at $14.08 per share, slightly below the initial estimate of $14.18. Excess payments from rights holders will be returned promptly. The fund's net assets stood at about $140.3 million as of September 30, 2020.
RiverNorth Opportunities Fund (NYSE: RIV) announced the extension of its transferable subscription rights offering to 5:00 PM ET on November 6, 2020, to avoid coinciding with the U.S. election. As a result of this extension, payments for guarantees of delivery are now due on November 10, 2020, and confirmations will be provided by November 16, 2020. The Fund had approximately $140.3 million in net assets and 9.4 million shares outstanding as of September 30, 2020. Investors are advised to read the prospectus and consider investment objectives before participating.
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.
RiverNorth Opportunities Fund, trading under the symbol RIV, has declared monthly distributions of $0.18 per share, resulting in an annualized distribution rate of 14.29%. The distribution rate is approximately 12.5% of the Fund's net asset value per share, which is reported at $15.12. Key dates include the Ex Date of October 15, Record Date of October 16, and Payable Date of October 30. Investors are cautioned about risks associated with their investment, including potential loss of principal, variations in net asset value, and changes in distribution rates.