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 has announced cash dividends for its Preferred Stock, effective August 2, 2021. The 6.875% Series A Preferred Stock will pay a dividend of $0.42968750 per depositary share, while the 7.375% Series B will distribute $0.4609375 per depositary share. Both dividends are payable to holders on record as of July 21, 2021. Each depositary share corresponds to a fractional interest in a share with a liquidation preference of $25.00.
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B. Riley Financial announced the full redemption of its 7.25% Senior Notes due 2027, totaling $122,793,450. The redemption will occur on July 26, 2021, at 100% of the principal amount along with accrued interest until the redemption date. Following the redemption, the Notes will be delisted from NASDAQ (ticker: 'RILYG') and will cease trading. Investors are advised to contact their brokers for details on the redemption payment. The company continues to provide financial solutions through its various subsidiaries.
B. Riley Principal 250 Merger Corp. (NASDAQ: BRIVU, RILY) announced that, starting June 28, 2021, holders of its units can trade shares of Class A common stock and warrants separately on Nasdaq under the symbols 'BRIV' and 'BRIVW.' Units that remain intact will continue to trade under 'BRIVU.' This allows for greater flexibility in trading for investors. The company aims to pursue a business combination with established enterprises valued between $800 million and $2 billion.
Thompson Pipe Group (TPG), a leader in large-diameter pipe solutions, has engaged B. Riley Securities for buy-side advisory services to enhance its presence in North America. Founded in 1972, TPG has grown into a significant provider of infrastructure products, specializing in water and wastewater systems. The company aims to expand through strategic acquisitions, having completed four to date. TPG is well-positioned financially, with a robust balance sheet and no third-party debt, ready to pursue tuck-in acquisitions to support organic growth.
B. Riley Principal 250 Merger Corp. (NASDAQ: BRIVU, BRIVW, BRIV) announced on June 14, 2021, the underwriters of its IPO exercised an overallotment option, resulting in the sale of an additional 2,250,000 shares at $10.00 each. This increased the total shares sold to 17,250,000, generating gross proceeds of approximately $172.5 million. Additionally, the company completed a private sale of 45,000 units at the same price, raising $450,000. B. Riley Securities, Inc. was the sole manager for the offering, which aims to engage in business combinations with enterprises valued between $800 million and $2 billion.
B. Riley Securities has been named the SPAC Investment Bank of the Year at the 2021 M&A Atlas Awards. This prestigious recognition highlights the firm's excellence in executing value-creating SPAC transactions and solidifies its leadership in the investment banking sector. Jonathan Mitchell, Senior Managing Director, emphasized the award as a validation of their strong track record. The award winners are chosen based on a comprehensive scoring method that evaluates various deal criteria, reflecting the firm's commitment to long-term client partnerships.
B. Riley Principal 250 Merger Corp., a special purpose acquisition company, has priced its initial public offering (IPO) of 15,000,000 units at $10.00 each, raising $150 million. The units, which comprise one share of Class A common stock and one-third of a redeemable warrant, will begin trading on Nasdaq under the ticker symbol 'BRIVU' on May 7, 2021. The company aims to merge with businesses that demonstrate potential for strong cash flow and revenue growth. B. Riley Securities, Inc. is the sole book-running manager for the offering.
B. Riley Financial (NASDAQ: RILY) reported strong financial results for Q1 2021, including a net income of $252.9 million or $8.81 per diluted share. Total revenues reached $600.2 million, with operating revenues at $333.2 million, marking an 83% year-over-year increase. The company achieved significant investment gains of $266.9 million and completed the acquisition of National Holdings, enhancing its wealth management services. A quarterly dividend of $3.00 per share was declared, reflecting strong capital returns to shareholders.