Business
B. Riley Financial Closes Upsized $65 Million Common Stock Offering Including Full Exercise of Underwriter Option
LOS ANGELES, Jan. 15, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced that it has closed an
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[{"type":"text","content":"LOS ANGELES, Jan. 15, 2021 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (\"B. Riley\" or the \"Company\") today announced that it has closed an underwritten registered public offering of 1,413,045 shares of its common stock, which included 184,310 shares issued in connection with the underwriter's option to purchase additional shares, at a price to the public of $46.00 per share (the \"Offering\"), for gross proceeds of approximately $65.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Certain of the Company's officers, directors and employees purchased an aggregate of 149,670 shares in the offering at the public offering price. \n\n \n \n \n \n \n \n\n \nThe offering resulted in net proceeds of approximately $61.4 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, making capital expenditures and funding working capital.\nB. Riley Securities, Inc. 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 shares of common stock were 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 was made only by means of a prospectus supplement and accompanying base prospectus.\nCopies 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 does 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 not be permitted.\nAbout 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 ...