Business
B. Riley Financial Announces Proposed Public Offering of Common Stock
LOS ANGELES, July 25, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a diversified financial services platform,
About this update from Brc Group Holdings, Inc.
[{"type":"text","content":"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.\nThe 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.\nB. Riley Securities is acting as sole book-running manager for the offering.\nThe 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.\nAny 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.\nCopies 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 [email protected].\nThis 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...