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
Media
press@brileyfin.com
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SOURCE B. Riley Financial