LOS ANGELES, Jan. 12, 2021 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today
announced it has commenced an underwritten public offering of
870,000 shares 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
common stock in connection with the Offering. Certain of the
Company's officers, directors and employees have indicated an
interest in participating in this offering.
The Company expects to use the net proceeds of this offering for
general corporate purposes, including funding future acquisitions
and investments, making capital expenditures and funding working
capital.
B. Riley Securities, Inc. is acting as sole book-running manager
for the offering.
The shares of common stock 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") on
February 24, 2020. The offering will
be made only by means of a prospectus supplement and accompanying
base 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, Inc. (NASDAQ: RILY)
B. Riley
Financial, Inc. provides collaborative financial services solutions
tailored to fit the capital raising, business, operational, and
financial advisory needs of its clients and partners. B. Riley
operates through several subsidiaries which offer a diverse range
of complementary end-to-end capabilities spanning investment
banking and institutional brokerage, private wealth and investment
management, corporate advisory, restructuring, due diligence,
forensic accounting, 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. B. Riley 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 common 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 common 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's periodic
filings with the SEC, including, without limitation, the risks
described in B. Riley's Annual Report on Form 10-K for the year
ended December 31, 2019 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 Reports on Form 10-Q
for the quarters ended March 31,
2020, June 30, 2020 and
September 30, 2020. 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 undertakes no duty to update this information.
Contacts
|
|
Investors
|
Media
|
Investor
Relations
|
Jo Anne
McCusker
|
ir@brileyfin.com
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jmccusker@brileyfin.com
|
(310)
966-1444
|
(646)
885-5425
|
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SOURCE B. Riley Financial