NEW YORK, Aug. 23, 2019 /PRNewswire/ -- B. Riley
Principal Merger Corp. (NYSE: BRPM, BRPM WS, BRPM.U) (the
"Company") announced today that on August
20, 2019, the Company was notified by the New York Stock
Exchange (the "NYSE") that the Company is not currently in
compliance with the NYSE's continued listing standard which
requires listed companies to maintain a minimum of 300 public
stockholders on a continuous basis.
The Company has 45 days to respond with a business plan that
demonstrates how it expects to return to compliance with the
minimum public stockholders requirement within 18 months of its
receipt of the notice. The Company expects to satisfy the minimum
public stockholder requirement upon consummation of its initial
business combination and intends to submit a business plan to
return to compliance with the minimum public shareholders
requirement within the required timeframe.
The Company anticipates it will consummate its initial business
combination prior to the expiration of the 18-month cure period.
The notice does not affect the Company's business operations or the
listing of the Company's securities.
The Company's Class A common stock, warrants and units, which
trade under the symbols "BRPM," "BRPM WS" and "BRPM.U,"
respectively, will continue to trade on the NYSE during the cure
period, subject to the Company's compliance with other applicable
continued listing standards, and will bear the indicator ".BC" on
the consolidated tape to indicate its current noncompliance.
About B. Riley Principal Merger Corp.
B. Riley Principal Merger Corp. is a blank check company
incorporated for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
other similar business combination with one or more businesses.
While the Company may pursue an initial business combination target
in any industry or geographic region, the Company intends to focus
on established businesses with an aggregate enterprise value of
approximately $300 million to
$1 billion that would benefit from
access to public markets and the operational and strategic
expertise of the Company's management team and board of
directors. For further information, visit the Company's
website at www.brileymergercorp.com.
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995, including, but not limited to, with
respect to the Company's ability to consummate an initial business
combination, the Company's intention to submit a business plan to
return to compliance with the NYSE's minimum public stockholders
requirement within the required timeframe and the Company's ability
to comply with such plan and the NYSE's continued listing
standards. In some cases, you can identify forward-looking
statements by terminology such as "may," "should," "could,"
"would," "expect," "plan," "anticipate," "believe," "estimate,"
"continue," or the negative of such terms or other similar
expressions. The Company has based these forward-looking statements
on its current expectations and projections about future events.
Forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions about the Company that may cause its
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Factors that might cause or contribute
to such a discrepancy include, but are not limited to, those
described in the "Risk Factors" section of the Company's final
prospectus for its initial public offering and in its other prior
and future filings with the U.S. Securities and Exchange
Commission. Except as expressly required by applicable securities
law, the Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise.
Contacts
Daniel Shribman
dshribman@brileyfin.com
(212) 457-3300
Media
Jo Anne McCusker
jmccusker@brileyfin.com
(646) 885-5425
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SOURCE B. Riley Principal Merger Corp.