B. Riley Financial Granted Extension From Nasdaq Regarding Listing Rules
- Nasdaq granted extension until September 29, 2025 to regain compliance
- No immediate effect on company's Nasdaq listing
- Company expects to return to normal filing schedule by Fall 2025
- Company failed to file Annual Report (10-K) for 2024
- Company failed to file Q1 2025 Quarterly Report (10-Q)
- Non-compliance with Nasdaq listing requirements
- Extended delay in financial reporting transparency for investors
Insights
B. Riley's Nasdaq listing is secure until September 29 despite delayed financial filings, buying time to resolve reporting issues.
B. Riley Financial has received a critical extension from Nasdaq after failing to file both its 2024 annual report and Q1 2025 quarterly report on time. This extension until September 29, 2025 prevents immediate delisting consequences that would typically follow such reporting delinquencies.
The situation reveals significant operational challenges at B. Riley. The company attributes these delays to "a confluence of significant events and transactions completed in 2024" - language that suggests complex accounting or integration issues requiring extended resolution time. What's particularly concerning is that B. Riley isn't just behind on one filing, but on multiple consecutive financial reports, indicating systematic rather than isolated reporting problems.
While the Nasdaq extension provides breathing room, investors should understand that continued listing depends entirely on meeting the September deadline. The company's statement that it "expects to return to normal filing cadence by Fall 2025" suggests they're using nearly the entire extension period, leaving little margin for additional complications.
The absence of these financial reports creates a substantial information gap for investors, who currently lack visibility into B. Riley's recent financial performance, cash position, debt levels, and operational results. This uncertainty typically leads to elevated risk premiums on affected securities until reporting normalizes.
Announces Notification of Additional Delinquency with Nasdaq for Late Filing of Annual Report on Form 10-K for the period ended December 31, 2024 and its Quarterly Report on Form 10-Q for the period ended March 31, 2025
Expects to Return to Normal Filing Cadence by Fall 2025
The Notice states that based on Nasdaq's further review and the materials submitted on June 2, 2025, the Staff has determined to grant an exception to enable the Company to regain compliance with the Rule. The Notice also indicates that this exception to allow the Company to regain compliance with all delinquent filings will be due on or before September 29, 2025.
The Company regrets the continued delays in its Annual and 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 Annual and Quarterly Reports as promptly as practical, and expects to return to a normal filing cadence by Fall 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 Reports on Form 10-Q for the quarterly periods ended March 31, 2024, June 30, 2024 and September 30, 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
Mike Frank
VP Corporate Development & Investor Relations
mfrank@brileyfin.com
Media
press@brileyfin.com
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SOURCE B. Riley Financial
FAQ
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