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B. Riley Financial (RILY) has successfully completed its merger with National Holdings Corporation (NHLD), transforming National into a wholly-owned subsidiary of B. Riley. This strategic merger adds nearly 700 registered representatives and $20 billion in assets to B. Riley’s platform, which now features over 900 representatives managing a total of $30 billion in assets. The integration aims to enhance B. Riley Wealth Management's competitive advantage by providing clients with a broader suite of investment solutions and improved service capabilities.
B. Riley Financial (NASDAQ: RILY) has successfully completed its cash tender offer for National Holdings Corporation (NASDAQ: NHLD) shares, acquiring 5,364,675 shares for approximately $17.4 million, representing about 39% of National's outstanding shares. The offer expired on February 24, 2021, and will lead to National becoming a wholly owned subsidiary of B. Riley, with each outstanding share converting into $3.25 in cash. The merger is expected to finalize soon, and National shares will subsequently be delisted from Nasdaq.
Terra Income Fund 6 announced a public offering of $34.75 million in 7.00% unsecured notes due March 31, 2026. The notes will yield interest quarterly, starting June 30, 2021. Investors can purchase an additional $5.21 million in notes if underwriters exercise their option. Proceeds will fund targeted investments and general corporate purposes. The offering is expected to close on February 10, 2021, with the notes listed on the NYSE under the symbol TFSA.
Terra Income Fund 6, Inc. announced a registered public offering of Notes, with proceeds aimed at targeted investments and general corporate purposes. The Notes will trade on the NYSE under the symbol 'TFSA' within 30 days of issuance. Ladenburg Thalmann, William Blair, and National Securities Corporation serve as joint managers of the offering. A registration statement has been filed with the SEC but is not yet effective, and sales will not occur until it is approved. Investors are advised to review the preliminary prospectus for detailed information.
Crown Electrokinetics Corp. (NASDAQ: CRKN) has successfully closed its public offering of 4,150,000 shares at $4.50 each, raising approximately $19.6 million after expenses. The offering included a fully exercised over-allotment option for an additional 622,500 shares. Trading under the CRKN ticker commenced on January 26, 2021, alongside a 1-for-3 reverse stock split effective January 25, 2021. Roth Capital Partners led the underwriting, with the offering registered under Form S-1. Crown specializes in smart glass technology, promising sustainability and enhanced functionality.
B. Riley Financial (NASDAQ: RILY) announced a cash tender offer to purchase outstanding shares of National Holdings Corporation (NASDAQ: NHLD) for $3.25 per share. The offer commences on January 27, 2021 and is set to expire at midnight on February 24, 2021, unless extended. National's Board of Directors unanimously recommends shareholders accept the offer. The completion of the tender offer is contingent upon a majority of shares being validly tendered. Following this, a merger is expected to occur, making National a wholly owned subsidiary of B. Riley Financial.
B. Riley Financial has announced a definitive agreement to acquire National Holdings Corporation in a cash tender offer priced at $3.25 per share. B. Riley currently holds approximately 45% of National's shares. This merger aims to enhance both companies' investment banking and wealth management services and is expected to close in the first quarter of 2021, pending regulatory approvals. National's assets under management amount to $18.9 billion, while B. Riley's total is over $10 billion. The deal is unanimously approved by both companies' boards.
