Provides Update on Preferred Stock
Dividends
LOS
ANGELES, Jan. 21, 2025 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a
diversified financial services company, today announced the
redemption on February 28, 2025 (the
"Redemption Date") of all the issued and outstanding 6.375% Senior
Notes due February 28, 2025 (NASDAQ:
RILYM) (the "Notes").
The redemption price for the Notes will be equal to 100% of the
aggregate principal amount of the Notes, plus any accrued and
unpaid interest as set forth in each notice of redemption delivered
to note holders (the "Redemption Payment"). Interest on the Notes
will cease to accrue on and after the Redemption Date. The Notes,
which are listed on NASDAQ under the ticker symbol "RILYM," will be
delisted and cease trading on the Redemption Date. Notice to
holders of the Notes will be issued on or before January 24, 2025. Investors in the Notes should
contact the bank or broker through which they hold a beneficial
interest in the Notes for information about the Redemption
Payment
Preferred Stock
B. Riley also announced that the
Company has temporarily suspended cash dividends on
its 6.875% Series A Cumulative Perpetual Preferred Stock
(NASDAQ: RILYP) and its 7.375% Series B Cumulative
Perpetual Preferred Stock (NASDAQ: RILYL). Unpaid dividends on the
Series A and Series B Preferred Stock will accrue until paid in
full.
As previously announced, as of December 31, 2024, B.
Riley had a preliminary cash balance of $257 million,
which included the amount reserved for redemption of the Notes. B.
Riley expects to file its Quarterly Report on Form 10-Q for the
quarter ended September 30, 2024 with
the SEC in the near future. The Company plans to host an investor
call and provide investors with a broader update at that time.
Bryant Riley, Chairman and
Co-Chief Executive Officer of B. Riley Financial, commented:
"The B. Riley Board continues to
work with management to evaluate opportunities to enhance the
Company's capital structure and invest in our core financial
services business."
About B. Riley Financial
B. Riley Financial is a
diversified financial services company 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
subsidiaries and affiliated entities, 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. For more information, please
visit www.brileyfin.com.
Forward-Looking Statements
Statements made in this press release that are not descriptions of
historical facts are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 and 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 today's
date. All statements other than statements of historical fact are
forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
which may cause the Company's performance or achievements to be
materially different from any expected future results, performance,
or achievements. Forward-looking statements speak only as of the
date they are made and the Company assumes no duty to update
forward-looking statements, except as required by law. Actual
future results, performance or achievements may differ materially
from historical results or those anticipated depending on a variety
of factors, some of which are beyond the control of the Company,
including, but not limited to, the risks described from time to
time in the Company's periodic filings with the SEC, including,
without limitation, the risks described in the Company's 2023
Annual Report on Form 10-K and Quarterly Report on Form 10-Q for
the quarterly period ended June 30,
2024 under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" (as applicable). 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 the Company undertakes
no duty to update this information.
Contacts
Investors
ir@brileyfin.com
Media
press@brileyfin.com
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SOURCE B. Riley Financial
