Business
B. Riley Financial Closes $115 Million Common Stock Offering Including Full Exercise of Underwriter Option
LOS ANGELES, July 28, 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 28, 2023 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\"), a diversified financial services platform, today announced the closing of its previously announced underwritten public offering of 2,090,909 shares of common stock (the \"Offering\"), including 272,727 shares issued in connection with the full exercise of the underwriter's option to purchase additional shares, at a price of $55.00 per share. Gross proceeds to the Company were approximately $115 million, before deducting underwriting discounts and commissions and offering expenses.\n\n \n \n \n \n \n \n\n \nCertain of the Company's officers, directors, and employees participated in this Offering and have purchased, in the aggregate, approximately $7 million of shares of common stock at the public offering price.\nNet proceeds to the Company were approximately $108.7 million after deducting underwriting discounts and commissions, but before expenses. The 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.\nB. Riley Securities acted as sole book-running manager for the Offering.\nThe NBD Group acted as legal counsel to the Company. Duane Morris LLP acted as legal counsel to the underwriter.\nThe Offering was made by means of a prospectus. 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. Copies of the 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 unl...