LOS
ANGELES, July 25, 2023 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a
diversified financial services platform, today announced it has
commenced an underwritten public offering of $100 million of its common stock (the
"Offering"), subject to market and certain other conditions.
The Company expects to grant the underwriter a 30-day option to
purchase additional shares of its common stock in connection with
the Offering. Co-Chief Executive Officers Bryant R. Riley and Tom Kelleher have
indicated an interest to purchase, in the aggregate, up to
$4.5 million of shares of common
stock in this Offering at the public offering price. Certain of the
Company's officers, directors, and employees have also indicated an
interest in participating in this Offering.
B. Riley Securities is acting as sole book-running manager for
the offering.
The Company expects to use the net proceeds of this offering for
general corporate purposes, including funding future acquisitions
and investments, repaying and/or refinancing indebtedness, making
loans and/or providing guaranty or backstop commitments to clients
in the ordinary course of business, making capital expenditures and
funding working capital. Pending such use, the Company may invest
the net proceeds in short-term interest-bearing accounts,
securities or similar investments.
Any offers, solicitations or offers to buy, or any sales of
securities will be made in accordance with the registration
requirements of the Securities Act of 1933, as amended. 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. The offering will only be made by means of a
prospectus.
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
|
Media
|
Mike Frank
|
Jo Anne
McCusker
|
ir@brileyfin.com
|
jmccusker@brileyfin.com
|
(212) 409-2424
|
(646)
885-5425
|
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SOURCE B. Riley Financial