LOS ANGELES, Oct. 2, 2019 /PRNewswire/ -- B. Riley Financial,
Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced
it has commenced an underwritten registered public offering of
depositary shares, each representing 1/1000th fractional
interest in a share of the Company's Series A Cumulative Perpetual
Preferred Stock, with a liquidation preference equivalent to
$25.00 per depositary share, subject
to market and certain other conditions. The Company expects to
grant the underwriters a 30-day option to purchase additional
depositary shares in connection with the offering solely to cover
overallotments.
The Company expects to use the net proceeds of this offering for
general corporate purposes, including funding future acquisitions
and investments, repaying indebtedness, making capital expenditures
and funding working capital.
B. Riley FBR, Incapital, Janney
Montgomery Scott and Ladenburg Thalmann are acting as
book-running managers for this offering. Wedbush Securities,
William Blair and Boenning &
Scattergood are acting as co-managers.
The depositary shares will be offered under the Company's shelf
registration statement on Form S-3, which was declared effective by
the Securities and Exchange Commission ("SEC"). The offering of
these depositary shares will be made only by means of a prospectus
supplement and accompanying base prospectus, which will be filed
with the SEC.
Copies of the prospectus supplement and the accompanying base
prospectus may be obtained on the SEC's website at www.sec.gov, or
from the offices of B. Riley FBR at 1300 North 17th Street, Suite
1400, Arlington, VA 22209 or by
calling (703) 312-9580 or by emailing
prospectuses@brileyfbr.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the depositary shares, nor shall
there be any sale of the depositary shares in any jurisdiction in
which such offer, solicitation or sale would not be permitted.
About B. Riley Financial (NASDAQ:RILY)
B. Riley Financial provides collaborative financial
services tailored to fit the capital raising and business advisory
needs of public and private companies and high-net-worth
individuals. B. Riley operates through several wholly-owned
subsidiaries which offer complementary end-to-end capabilities
spanning investment banking and institutional brokerage, private
wealth and investment management, corporate advisory,
restructuring, due diligence, forensic accounting and litigation
support, appraisal and valuation, and auction and liquidation
services. Certain registered affiliates of B. Riley originate and
underwrite senior secured loans for asset-rich companies. The
Company also makes proprietary investments in companies and assets
with attractive return profiles.
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 the terms and conditions
and timing of the preferred stock offering and the intended use of
proceeds. Because these forward-looking statements involve known
and unknown risks and uncertainties, there are important factors
that could cause actual results, events or developments to differ
materially from those expressed or implied by these forward-looking
statements. Factors that could cause actual results to differ
include (without limitation) the possibility that the preferred
stock offering will not be consummated at the expected time, on the
expected terms, or at all; and the Company's financial performance;
and those risks described from time to time in B. Riley Financial's
periodic filings with the SEC, including, without limitation, the
risks described in B. Riley Financial's Annual Report on Form 10-K
for the year ended December 31,
2018 under the captions "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations." Additional information is also set forth in our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2019. 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.
Investor Contact
Investor Relations
ir@brileyfin.com
(310) 966-1444
Media Contact
Jo Anne
McCusker
jmccusker@brileyfin.com
(646) 885-5425
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SOURCE B. Riley Financial