B. Riley Financial Announces Notification of Delinquency with Nasdaq
Rhea-AI Summary
B. Riley Financial (Nasdaq: RILY) received a delinquency notification from Nasdaq on August 21, 2024, due to the delayed filing of its Q2 2024 10-Q report. This non-compliance with Nasdaq Listing Rule 5250(c)(1) doesn't immediately affect the company's listing status. RILY has 60 days to submit a compliance plan to Nasdaq, which may grant up to 180 days (until February 10, 2025) to regain compliance.
The company released preliminary Q2 2024 financial results on August 12 and is working to file the Quarterly Report promptly. This situation highlights potential risks for investors, including possible regulatory issues and financial reporting delays.
Positive
- No immediate effect on Nasdaq listing
- Preliminary Q2 2024 financial results already released
- Company working to file the Quarterly Report promptly
Negative
- Delayed filing of Q2 2024 10-Q report
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Risk of potential delisting if compliance not regained within 180 days
- Potential investor concerns about financial reporting transparency
News Market Reaction
On the day this news was published, RILY declined 4.10%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Nasdaq has informed the Company that it must submit a plan within 60 calendar days 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 February 10, 2025, to regain compliance.
B. Riley announced preliminary financial results for the three-month period ending June 30, 2024 on August 12. The Company is working diligently to file the Quarterly Report as promptly as practical.
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 2023 Annual Report on Form 10-K and in B. Riley Financial's Quarterly Reports on Form 10-Q for the 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@briley.com
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SOURCE B. Riley Financial
FAQ
Why did B. Riley Financial (RILY) receive a delinquency notification from Nasdaq?
What is the deadline for B. Riley Financial (RILY) to submit a compliance plan to Nasdaq?
How long does B. Riley Financial (RILY) have to regain compliance with Nasdaq listing rules?
Has B. Riley Financial (RILY) released any financial results for Q2 2024?
