LOS
ANGELES, July 26, 2023 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a
diversified financial services platform, today announced it has
priced an underwritten public offering of 1,818,182 shares of its
common stock (the "Offering") at a price of $55.00 per share. Certain of the Company's
officers, directors, and employees have agreed to purchase, in the
aggregate, approximately $7 million
of shares of common stock in this Offering at the public offering
price.
B. Riley Securities is acting as sole book-running manager for
the offering. The Company has granted the underwriter a 30-day
option to purchase up to an additional 272,727 shares of its common
stock in connection with the Offering.
Gross proceeds from this Offering, before deducting underwriting
discounts and commissions and offering expenses, but excluding any
exercise of the underwriter's option to purchase additional shares,
are expected to be approximately $100
million. The Offering is expected to close on July 28, 2023, subject to the satisfaction of
customary closing conditions.
The Offering is being made by means of a prospectus. A
registration statement was previously filed by the Company with the
SEC and became effective upon filing on January 28, 2021, and a preliminary prospectus
supplement was filed on July 25,
2023. Copies of the preliminary prospectus supplement and
the accompanying base prospectus may be obtained on the SEC's
website at www.sec.gov, or by contacting B. Riley Securities by
telephone at (703) 312-9580, or by emailing
prospectuses@brileyfin.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
sale or solicitation would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About B. Riley Financial
B. Riley Financial is a
diversified financial services platform that delivers tailored
solutions to meet the strategic, operational, and capital needs of
its clients and partners. B. Riley leverages cross-platform
expertise to provide clients with full service, collaborative
solutions at every stage of the business life cycle. Through its
affiliated subsidiaries, B. Riley provides end-to-end financial
services across investment banking, institutional brokerage,
private wealth and investment management, financial consulting,
corporate restructuring, operations management, risk and
compliance, due diligence, forensic accounting, litigation support,
appraisal and valuation, auction, and liquidation services. B.
Riley opportunistically invests to benefit its shareholders, and
certain affiliates originate and underwrite senior secured loans
for asset-rich companies. B. Riley refers to B. Riley Financial,
Inc. and/or one or more of its subsidiaries or affiliates.
Forward-Looking Statements
Statements in this press
release that are not descriptions of historical facts are
forward-looking statements that are based on management's current
expectations and assumptions and are subject to risks and
uncertainties. If such risks or uncertainties materialize or such
assumptions prove incorrect, our business, operating results,
financial condition, and stock price could be materially negatively
affected. You should not place undue reliance on such
forward-looking statements, which are based on the information
currently available to us and speak only as of the date of this
press release. Such forward-looking statements include, but are not
limited to, statements regarding timing and size of the proposed
public offering and the intended use of net proceeds. Factors that
could cause such actual results to differ materially from those
contemplated or implied by such forward-looking statements include,
without limitation, the risks described from time to time in B.
Riley Financial, Inc.'s periodic filings with the SEC, including,
without limitation, the risks described in B. Riley Financial,
Inc.'s 2022 Annual Report on Form 10-K under the captions "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" (as applicable)and our
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023. These factors should be
considered carefully, and readers are cautioned not to place undue
reliance on such forward-looking statements. All information is
current as of the date this press release is issued, and B. Riley
Financial undertakes no duty to update this information.
Contacts
Investors Mike Frank
ir@brileyfin.com
(212) 409-2424
|
Media
Jo Anne McCusker
jmccusker@brileyfin.com
(646) 885-5425
|
|
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SOURCE B. Riley Financial