B. Riley Financial Receives Unsolicited Proposal to Be Taken Private

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Aug 16, 2024, 17:00 ET

LOS ANGELES, Aug. 16, 2024 /PRNewswire/ -- B. Riley Financial, Inc. (Nasdaq: RILY) (the "Company") announced that its Board of Directors has received an unsolicited preliminary, non-binding letter of proposal, dated August 16, 2024, from the Company's founder, chairman and co-CEO, Bryant Riley, to acquire the outstanding shares of the Company not currently owned by Mr. Riley, in a transaction to take the Company private, at a proposed purchase price of $7.00 per share.

According to the proposal, Mr. Riley intends to finance the transaction with debt and, potentially, equity from third party capital providers. The proposed transaction would be subject to the "majority of the minority" stockholder approval, and other customary conditions. The proposed transaction would not be subject to a financing condition.

The Company's Board of Directors expects to establish a Special Committee consisting of independent directors with its own advisors to carefully evaluate the proposal and determine the appropriate course of action and process. There is no assurance that the proposal will result in a transaction.

The Board cautions the Company's shareholders and others considering trading the Company's securities that the Board has just received the Proposal and has not had an opportunity to carefully review or evaluate the Proposal and its terms, or make any decision with respect to the Company's response to the Proposal. There can be no assurance that any definitive offer will be received, that any definitive agreement will be executed relating to the Proposal or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

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.

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SOURCE B. Riley Financial