Preferred Stock Offerings
By Preferred Stock Channel Staff, updated Tuesday, October 13, 5:17 PM
| This Slide: #203 of 672 |
Slide #203. B. Riley Financial, Inc. — Preferred Stock Offering
| Company: | B. Riley Financial, Inc. (NASDAQ:RILY) |
| Date announced: | 10/2/2019 |
| Shares Offered: | 2,000,000 |
| Date of Pricing: | 10/2/2019 |
| Price Per Share: | $25.00 |
| Preferred Stock Offering Details: | B. Riley Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company") today announced the pricing of its underwritten registered public offering of 2,000,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $50 million before deducting underwriting discounts and other estimated offering expenses. Each depositary share represents a 1/1000th fractional interest in a share of the Company's 6.875% Series A Cumulative Perpetual Preferred Stock. Dividends on the Series A Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 6.875% with a liquidation preference equivalent to $25.00 per depositary share. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional $7.5 million of depositary shares solely to cover overallotments. The offering is expected to close on or about October 7, 2019, subject to customary closing conditions. |
B. Riley Financial, Inc. operates a diversified financial services platform. Its Capital Markets segment provides investment banking and institutional brokerage services, fund and asset management services, and direct lending services. Its Wealth Management segment provides retail brokerage, investment management, and insurance and tax preparation services. Its Financial Consulting segment provides a variety of specialized advisory services spanning bankruptcy, restructuring, forensic accounting, crisis and litigation support, appraisal and valuation, real estate, and operations management.
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