B. Riley Financial (RILY) Prices 1.3M Share Offering at $25/Sh

B. Riley Financial, Inc. (NASDAQ: RILY) today announced the pricing of its underwritten registered public offering of 1,300,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $32.5 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 7.375% Series B Cumulative Perpetual Preferred Stock. Dividends on the Series B Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 7.375% 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 195,000 depositary shares solely to cover overallotments. The offering is expected to close on or about September 4, 2020, subject to customary closing conditions.

The Company's depositary shares are expected to begin trading on NASDAQ under the symbol "RILYL" within 30 business days of the closing date of this offering, if approved.

Net proceeds of this offering will be used for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.

B. Riley FBR, Incapital, Ladenburg Thalmann and William Blair are acting as book-running managers for this offering. Boenning & Scattergood, Aegis Capital Corp. and Wedbush Securities are acting as co-managers.

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