Welcome to our dedicated page for B. RILEY FINANCIAL news (Ticker: RILY), a resource for investors and traders seeking the latest updates and insights on B. RILEY FINANCIAL stock.
B. Riley Financial, Inc. (NASDAQ: RILY) is a publicly traded, diversified financial services company that takes a collaborative approach to the capital raising and financial advisory needs of public and private companies, as well as high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc., Wunderlich Securities, Inc., Great American Group, LLC, B. Riley Capital Management, LLC, which encompasses B. Riley Asset Management, B. Riley Wealth Management, and Great American Capital Partners, LLC. Additionally, B. Riley Principal Investments focuses on proprietary investments in other businesses, such as the acquisition of United Online, Inc.
The company's core segments include Capital Markets, Wealth Management, Financial Consulting, Auction and Liquidation, Communications, and Consumer products. B. Riley Financial offers a broad range of services including investment banking, financial consulting, asset disposition, valuation, and appraisal, catering to corporate, institutional, and high-net-worth clients across the United States, Canada, and Europe. Recent highlights include:
- Financial Performance: Preliminary unaudited financial results for the year ending December 31, 2023, indicate a strategic focus on core business growth and reducing dividend payouts to invest in business opportunities. The company reported a 36% increase in financial consulting revenues and an 86% rise in operating income for 2023.
- Strategic Initiatives: B. Riley has retained Moelis & Company as an independent financial advisor to review strategic alternatives for its appraisal and asset disposition businesses.
- Leadership: The recent addition of Virginia Schnippel as Managing Director to B. Riley Advisory Services highlights the company's commitment to expanding its advisory capabilities.
- Partnerships and Investments: The firm continues to make significant investments, such as funding the redevelopment of a recycling processing facility in New Jersey, and partnering with strategic investors to support environmental sustainability initiatives.
- Dividend Declaration: The Board of Directors announced a quarterly dividend of $0.50 per common share, emphasizing the company's commitment to shareholder value.
With an extensive portfolio of services and a proactive investment strategy, B. Riley Financial is positioned to provide comprehensive financial solutions tailored to the unique needs of its diverse client base. Visit www.brileyfin.com to learn more about their services.
B. Riley Financial (NASDAQ: RILY) announced a public offering of $150 million in Senior Notes due 2026, subject to market conditions. The offering includes a 30-day option for underwriters to purchase additional notes. The notes received a BBB+ rating from Egan-Jones Ratings Company. Proceeds will be used for general corporate purposes like funding acquisitions, refinancing debt, and working capital. The Notes are expected to be listed on the Nasdaq Global Market under the symbol 'RILYG.'
B. Riley Securities, a subsidiary of B. Riley Financial (NASDAQ: RILY), will host a Crypto Conference on December 8, 2021, in New York, NY. This invitation-only event is designed for institutional investors to explore insights into the evolving crypto economy.
CEO Andy Moore highlighted that the conference will feature keynotes and panels, including discussions led by industry experts. Attendees can engage in meetings and fireside chats with a range of public digital asset companies, providing a unique opportunity for knowledge sharing.
B. Riley Financial reported strong Q3 2021 results with a net income of $48.6 million, up 3% year-over-year. Total revenues surged to $381.5 million, marking a 69% increase. The company declared a $4.00 quarterly dividend, including a $3.00 special dividend, reflecting confidence in cash flows. Operating revenue rose 87% to $363.3 million, with operating adjusted EBITDA increasing by 50% to $101.1 million. B. Riley also made progress in reducing debt expenses and expanding its investment banking and wealth management divisions.
B. Riley Securities has concluded its cash tender offer for up to 2,000,000 American Depositary Shares (ADS) of DoubleDown Interactive (Nasdaq: DDI) at $18.00 per ADS. The offer expired on October 22, 2021, and was oversubscribed, with 3,228,289 DDI ADS tendered. B. Riley will purchase the ADS on a pro rata basis, with a preliminary proration factor of approximately 61.95%. This tender offer was structured per the Offer to Purchase dated September 23, 2021.
B. Riley Financial (NASDAQ: RILY) has announced an investor call scheduled for October 28, 2021, to discuss its third-quarter results. The call will take place at 4:30 p.m. Eastern and will be hosted by Co-CEOs Bryant Riley and Tom Kelleher, along with Phillip Ahn, CFO and COO, including a Q&A session.
An earnings release will be issued shortly after market close before the call. Investors can access the live broadcast and replay via the company's investor relations website.
B. Riley Financial (NASDAQ: RILY) has expanded its Corporate Advisory and Valuation Services with the addition of Dave Bookbinder and Quinn Shearer. Both professionals bring extensive expertise in business and intangible asset valuation. This move aims to address the increasing demand for independent valuation services, critical for maximizing client value in a complex business environment. Bookbinder joins as Managing Director, focusing on corporate finance and intellectual property valuation, while Shearer, as Director, specializes in the valuation of privately held businesses and complex capital structures.
B. Riley Financial has declared cash dividends on its Preferred Stock series, specifically the 6.875% Series A and 7.375% Series B. Shareholders will receive $0.42968750 per depositary share for Series A and $0.4609375 for Series B. These dividends are payable on November 1, 2021, to holders of record as of October 21, 2021. The Preferred Stocks have a liquidation preference of $25.00 per depositary share, allowing for a consistent income stream for investors.
B. Riley Financial (NASDAQ: RILY) announced growth in its restructuring division with the addition of three senior executives: John Sordillo, Jeffrey Truitt, and Tim Hannon. Each brings over 30 years of experience in financial management and restructuring advisory. Sordillo specializes in corporate finance and litigation across various industries, Truitt leads restructuring efforts in Los Angeles, and Hannon has experience in CFO roles for mid-sized companies. This team is expected to enhance B. Riley's advisory capabilities as demand for their services continues to grow.
B. Riley Financial (Nasdaq: RILY) has initiated a cash tender offer to purchase up to 2,000,000 American Depositary Shares (ADS) of DoubleDown Interactive (Nasdaq: DDI) at $18.00 per ADS. This offer is aimed at increasing B. Riley's investment in DDI, believing the current market value does not reflect its intrinsic value. The offer is set to expire on October 22, 2021, and is subject to customary closing conditions, though there is no financing condition involved. Detailed terms and conditions are available in the Offer to Purchase filed with the SEC.
B. Riley Financial (NASDAQ: RILY) announced the full redemption of its 6.875% Senior Notes due 2023, totaling $115,726,350, effective October 22, 2021. The redemption price will equal 100% of the principal plus a $0.25 premium and accrued interest. After the Redemption Date, interest will cease, and the Notes will be delisted from NASDAQ. Investors holding the Notes should consult their brokers for redemption details. This announcement is informational and does not constitute an offer to purchase or sell securities.
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