LOS
ANGELES, March 22, 2024 /PRNewswire/ -- B. Riley
Financial, Inc. (Nasdaq: RILY) (the "Company") announced it
received an expected delinquency notification letter from Nasdaq on
March 18, 2024 which indicated that
the Company was not in compliance with Nasdaq Listing Rule
5250(c)(1) as a result of the delayed filing of the Company's
Annual Report on Form 10-K for the year ended December 31, 2023
("Annual Report"). The Nasdaq Listing Rule requires listed
companies to timely file all required periodic financial reports
with the Securities and Exchange Commission (the "SEC"). This
notification has no immediate effect on the listing of the
Company's securities on Nasdaq.
As described in the Company's Form 12b-25 Notification of Late
Filing filed on February 29, 2024,
and subsequent Form 8-K filed on March 15,
2024, the delay in filing the Company's Annual Report
resulted from the dedication of time and resources expended related
to the review of the Company's transactions with Brian Kahn by the Audit Committee of the
Company's Board of Directors, with the assistance of outside
counsel.
The Company's Board of Directors issued a statement on
February 22, 2024 with respect to its
review of these matters which affirmed that the Company and its
executives, including Bryant Riley,
had no involvement with, or knowledge of, any of the
alleged misconduct concerning Brian Kahn and Prophecy Asset Management LP.
Nasdaq has informed the Company that it must submit a plan
within 60 calendar days, or by May 17,
2024, to address how it intends to regain compliance with
Nasdaq's listing rules. If accepted, Nasdaq can grant an exception
of up to 180 calendar days from the filing's due date, or until
September 11, 2024, to regain
compliance.
As previously disclosed, the Company continues to work
productively with its auditors in an effort to complete and file
its Annual Report as soon as reasonably practicable. The Company
will take the necessary steps to regain compliance with the Nasdaq
listing rules as soon as possible.
About B. Riley Financial
B. Riley Financial is a
diversified financial services platform 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
affiliated subsidiaries, 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 that 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 2022
Annual Report on Form 10-K under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" (as applicable). Additional information will
be set forth in the Company's Annual Report on Form 10-K for the
year ended 2023. 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.
Contact
Investors
Mike Frank
ir@brileyfin.com
(212) 409-2424
Media
Jo Anne McCusker
press@brileyfin.com
(646) 885-5425
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SOURCE B. Riley Financial
