Financial
Statements Consistent with Preliminary Results Issued on August 12, 2024
Discloses
Preliminary Total Cash Balance of $257 Million as of December 31, 2024
LOS ANGELES, Jan. 14, 2025 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the
"Company"), a diversified financial services company, today announced
the filing of its Quarterly Report on Form 10-Q for the three-month period
ended June 30, 2024. The financial statements are consistent with the
preliminary financial results released on August 12, 2024.
B. Riley expects to file the
Quarterly Report for the third quarter 2024 in the near future, at which point
it is expected to regain compliance with Nasdaq Listing Rules.
As of December 31, 2024, B.
Riley disclosed a preliminary cash balance of $257 million, which includes the
amount reserved for the payment of the Company's February 2025 Senior Notes.
Bryant Riley, Chairman and
Co-Chief Executive Officer of B. Riley Financial, commented: "We regret the delays in our
financial filings, which were due to a series of significant and unusual events
that occurred in 2024. The results and disclosures contained in our 10-Q are
consistent with the preliminary financial results we released in August. We are
working diligently to finalize our third quarter 10-Q and expect to return to a
normal filing cadence in 2025."
"As we look to the future,
we believe B. Riley is positioned for stronger performance in 2025 thanks to
the actions we have taken over the past several months to monetize non-core
assets and deleverage our balance sheet. We will retire our February 2025
Senior Notes as scheduled and look for opportunities to enhance value for the
company from the dislocation in our other outstanding maturities. With our
balance sheet in a stronger position, we expect to once again invest in our
core financial services businesses. We have maintained strong net capital
levels in our broker dealer and believe we are well positioned to capitalize on
the expected recovery in the small- and mid-cap equity markets. We expect to
host an investor call and provide a broader update after we file our third
quarter 10-Q in the near future."
The Form 10-Q is available in
the Investor Relations section of the Company's website at ir.brileyfin.com under "SEC Filings," as well as
on the SEC's website at www.sec.gov.
About B. Riley Financial
B. Riley Financial is a
diversified financial services company that delivers tailored solutions to meet
the strategic, operational, and capital needs of its clients and partners. B.
Riley leverages cross-platform expertise to provide clients with full service,
collaborative solutions at every stage of the business life cycle. Through its
subsidiaries and affiliated entities, B. Riley provides end-to-end financial
services across investment banking, institutional brokerage, private wealth and
investment management, financial consulting, corporate restructuring,
operations management, risk and compliance, due diligence, forensic accounting,
litigation support, appraisal and valuation, auction, and liquidation services.
B. Riley opportunistically invests to benefit its shareholders, and certain
affiliates originate and underwrite senior secured loans for asset-rich
companies. B. Riley refers to B. Riley Financial, Inc. and/or one or more of
its subsidiaries or affiliates. For more information, please visit www.brileyfin.com.
Forward-Looking Statements
Statements made in this press release that are not descriptions of historical
facts are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and are based on management's current
expectations and assumptions and are subject to risks and uncertainties. If
such risks or uncertainties materialize or such assumptions prove incorrect,
our business, operating results, financial condition, and stock price could be
materially negatively affected. You should not place undue reliance on such
forward-looking statements, which are based on the information currently
available to us and speak only as of today's date. All statements other than
statements of historical fact are forward-looking statements. These
forward-looking statements involve known and unknown risks, uncertainties and
other factors which may cause the Company's performance or achievements to be
materially different from any expected future results, performance, or
achievements. Forward-looking statements speak only as of the date they are
made and the Company assumes no duty to update forward-looking statements,
except as required by law. Actual future results, performance or achievements
may differ materially from historical results or those anticipated depending on
a variety of factors, some of which are beyond the control of the Company,
including, but not limited to, the risks described from time to time in the
Company's periodic filings with the SEC, including, without limitation, the
risks described in the Company's 2023 Annual Report on Form 10-K and Quarterly
Report on Form 10-Q for the quarterly period ended June 30, 2024 under the
captions "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" (as
applicable). These factors should be considered carefully, and readers are
cautioned not to place undue reliance on such forward-looking statements. All
information is current as of the date this press release is issued, and the
Company undertakes no duty to update this information.
Contacts
Investors
ir@brileyfin.com
press@brileyfin.com