Announces Notification of Additional
Delinquency with Nasdaq for Late Filing of Form 10-Q for Period
Ended September 30, 2024
Expects to Return to Normal Filing Cadence in
2025
LOS
ANGELES, Nov. 26, 2024 /PRNewswire/ -- B. Riley
Financial, Inc. (NASDAQ: RILY) ("B. Riley" or the "Company"), a
diversified financial services company, today announced it received
an additional delinquency notification letter from Nasdaq
on November 20, 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 Quarterly Reports on Form 10-Q
for the periods ended June 30, 2024 and September 30, 2024. 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.
Nasdaq has informed the Company that it must submit an update to
its original plan to regain compliance with respect to the filing
requirement by December 5, 2024. If
the updated plan is accepted, Nasdaq can grant an exception of up
to 180 calendar dates from the due date of the initial delinquent
filing for the period ended June 30,
2024, or until February 17,
2025, to regain compliance.
The Company regrets the continued delays in its quarterly
filings, which have been impacted by a confluence of significant
events and transactions completed in 2024. The Company is working
diligently to file the Quarterly Reports for both the second and
third quarters as promptly as practical, and expects to return to a
normal filing cadence in 2025.
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
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 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 March 31, 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
