B. Riley Financial Announces Closing of Full Exercise of Over-Allotment Option for Depositary Shares Offering

About this update from Brc Group Holdings, Inc.

[{"type":"text","content":"LOS ANGELES, Oct. 11, 2019 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") today announced that it has completed the closing of the issuance of an additional 300,000 depositary shares pursuant to the full exercise of the underwriters' over-allotment option in connection with the Company's previously closed public offering of its depositary shares, each representing a 1/1000th fractional interest in a share of the Company's 6.875% Series A Cumulative Perpetual Preferred Stock, with a liquidation preference of $25.00 per depositary share. \n\n \nTotal net proceeds to the Company were approximately $55.7 million, after deducting underwriting discounts and commissions, but before expenses from the 2,000,000 depositary shares sold in the initial closing on October 7, 2019 and the 300,000 depositary shares sold pursuant to full exercise of the over-allotment option. 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.\nTrading of the depositary shares commenced on October 8, 2019 on NASDAQ under the symbol \"RILYP.\"\nBook-running managers for this offering were B. Riley FBR, Incapital, Janney Montgomery Scott and Ladenburg Thalmann. Co-managers were Wedbush Securities, William Blair and Boenning & Scattergood.\nThe NBD Group acted as legal counsel to the Company. Duane Morris acted as legal counsel to the underwriters.\nThe depositary shares were 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 was made only by means of a prospectus supplement and accompanying base prospectus, which were filed with the SEC. \nCopies 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 [email protected]. \nThis 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 jur...

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