BRC Group Holdings, Inc. reports developments for a diversified holding company with financial services, communications, retail, and investment activities. Its financial services platform serves small-cap and middle-market companies through capital markets, sales and trading, research, merchant banking, M&A, restructuring, and wealth management services.
Recurring company news includes earnings releases and calls, segment performance across capital markets and operating businesses, capital-structure actions involving debt and preferred securities, governance and shareholder-voting matters, and platform updates such as BRC Specialty Finance. Communications operations include traditional, mobile and cloud phone, internet, data, security, and email services, while retail activities include mobile computing accessories and home furnishings.
B. Riley Financial (NASDAQ: RILY) has expanded its Corporate Advisory and Valuation Services with the addition of Dave Bookbinder and Quinn Shearer. Both professionals bring extensive expertise in business and intangible asset valuation. This move aims to address the increasing demand for independent valuation services, critical for maximizing client value in a complex business environment. Bookbinder joins as Managing Director, focusing on corporate finance and intellectual property valuation, while Shearer, as Director, specializes in the valuation of privately held businesses and complex capital structures.
B. Riley Financial has declared cash dividends on its Preferred Stock series, specifically the 6.875% Series A and 7.375% Series B. Shareholders will receive $0.42968750 per depositary share for Series A and $0.4609375 for Series B. These dividends are payable on November 1, 2021, to holders of record as of October 21, 2021. The Preferred Stocks have a liquidation preference of $25.00 per depositary share, allowing for a consistent income stream for investors.
B. Riley Financial (NASDAQ: RILY) announced growth in its restructuring division with the addition of three senior executives: John Sordillo, Jeffrey Truitt, and Tim Hannon. Each brings over 30 years of experience in financial management and restructuring advisory. Sordillo specializes in corporate finance and litigation across various industries, Truitt leads restructuring efforts in Los Angeles, and Hannon has experience in CFO roles for mid-sized companies. This team is expected to enhance B. Riley's advisory capabilities as demand for their services continues to grow.
B. Riley Financial (Nasdaq: RILY) has initiated a cash tender offer to purchase up to 2,000,000 American Depositary Shares (ADS) of DoubleDown Interactive (Nasdaq: DDI) at $18.00 per ADS. This offer is aimed at increasing B. Riley's investment in DDI, believing the current market value does not reflect its intrinsic value. The offer is set to expire on October 22, 2021, and is subject to customary closing conditions, though there is no financing condition involved. Detailed terms and conditions are available in the Offer to Purchase filed with the SEC.
B. Riley Financial (NASDAQ: RILY) announced the full redemption of its 6.875% Senior Notes due 2023, totaling $115,726,350, effective October 22, 2021. The redemption price will equal 100% of the principal plus a $0.25 premium and accrued interest. After the Redemption Date, interest will cease, and the Notes will be delisted from NASDAQ. Investors holding the Notes should consult their brokers for redemption details. This announcement is informational and does not constitute an offer to purchase or sell securities.
B. Riley Financial (RILY) and the Toigo Foundation announced the success of the 2021 Summer MBA Investment Competition, featuring nearly 50 MBA participants. The four-month program focused on industry education, mentorship, and practical business strategies, culminating in a competition where winners received a total of $60,000. B. Riley's involvement underscores its dedication to diversity and inclusion in finance, with 20 senior leaders actively participating. This initiative enhances learning opportunities and networking for rising professionals in the financial sector.
B. Riley Financial (RILY) announced a cash tender offer to purchase up to 2,000,000 ADS of DoubleDown Interactive (DDI) at $18.00 per ADS. This initiative reflects B. Riley's confidence in DDI's strong market position and profitability. The tender offer is set to commence by late September 2021. B. Riley has been a significant purchaser of DDI shares since its IPO, emphasizing the strategic value of this acquisition for enhancing shareholder value.
B. Riley Financial (NASDAQ:RILY) has appointed Kevin Olson as Senior Vice President of Business Development for B. Riley Retail Solutions. Olson, who has been with the firm since 2016, previously oversaw operations in Australia, New Zealand, and the Oceania market. In his new role, he will expand the firm's relationships with retailers in North America. In 2020, B. Riley Retail Solutions managed over 2,000 store closures with an inventory value of around $2.8 billion.
B. Riley Financial, Inc. (NASDAQ: RILY) announced the promotion of Jimmy Baker to President of B. Riley Securities on August 17, 2021. Baker, who has been with the firm since 2010, will oversee investment banking activities while continuing as Head of Capital Markets. His leadership contributed to a more than five-fold increase in Equity Capital Markets revenues. CEO Andy Moore praised Baker’s innovative approach and vision for driving market share gains and expanding the firm's small and mid-cap investment banking services.
B. Riley Financial (NASDAQ: RILY) announced the appointment of Renée E. LaBran to its Board of Directors, increasing the board size to nine. LaBran brings over 25 years of experience in investment management, venture capital, and corporate strategy, with a strong background in executive management and growth capital investing. She has previously held leadership roles in various companies and served on multiple boards. B. Riley expresses confidence in her abilities to contribute positively to the company.