B. Riley keeps Nasdaq listing, must file delayed 10-Qs

Q: What did the Nasdaq Hearings Panel decide about B. Riley Financial (RILY)?

The Panel granted B. Riley Financial an exception allowing its securities to remain listed on Nasdaq, subject to filing several delinquent Form 10-Q reports by specified deadlines.

Q: Why was B. Riley Financial at risk of Nasdaq delisting?

B. Riley was non-compliant with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025, and later also for September 30, 2025.

Q: Which SEC filings must B. Riley Financial complete to keep its Nasdaq listing?

B. Riley must have on file the Form 10-Q for March 31, 2025 (already filed on November 18, 2025), the Form 10-Q for June 30, 2025 by December 23, 2025, and the Form 10-Q for September 30, 2025 by January 20, 2026.

Q: Has B. Riley Financial filed any of the missing 10-Q reports yet?

Yes. The company filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025 with the SEC on November 18, 2025.

Q: Can B. Riley or Nasdaq further review the Panel’s decision?

B. Riley may request review by the Nasdaq Listing and Hearing Review Council within 15 days, and the Council may also decide on its own within 45 days to review, affirm, modify, reverse, dismiss, or remand the Panel’s decision.

B. Riley Financial received a Nasdaq Hearings Panel decision allowing its shares and listed securities to continue trading, despite being late on several SEC filings.

Filing Impact

(High)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

8-K

Rhea-AI Filing Summary

B. Riley Financial received a Nasdaq Hearings Panel decision allowing its shares and listed securities to continue trading, despite being late on several SEC filings. The exception is conditional on the company filing three outstanding Quarterly Reports on Form 10-Q by specific deadlines. The report for the period ended March 31, 2025 was filed on November 18, 2025. The company must file the 10-Q for June 30, 2025 by December 23, 2025 and the 10-Q for September 30, 2025 by January 20, 2026. If B. Riley misses any of these deadlines, the Panel will delist its securities from Nasdaq. During this exception period, the company must also promptly report any significant events that could affect its Nasdaq compliance.

Positive

None.

Negative

Nasdaq delisting risk remains elevated because B. Riley will be delisted if it fails to file its June 30, 2025 and September 30, 2025 Form 10-Qs by the Panel’s specified deadlines.

Insights

Nasdaq grants B. Riley a conditional lifeline, but delisting risk remains.

B. Riley Financial has secured a continued listing on Nasdaq after a Hearings Panel granted an exception related to delayed SEC filings. The company has already filed its Form 10-Q for the period ended March 31, 2025, which was one of the delinquent reports cited by Nasdaq staff.

The exception hinges on filing two more Quarterly Reports: the 10-Q for June 30, 2025 by December 23, 2025 and the 10-Q for September 30, 2025 by January 20, 2026. The Panel explicitly states that missing any deadline will result in delisting, which keeps regulatory and trading-status risk elevated until all reports are filed.

The decision also requires prompt disclosure of any significant events that might affect Nasdaq compliance, increasing transparency expectations. Until the remaining 10-Qs are filed on time and accepted, uncertainty around listing status and the robustness of the company’s financial reporting function persists.

8-K Event Classification

Item 3.01 — Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

1 item

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing Securities

The company received a delisting notice, failed to satisfy a continued-listing rule or standard, or transferred its listing.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did the Nasdaq Hearings Panel decide about B. Riley Financial (RILY)?

The Panel granted B. Riley Financial an exception allowing its securities to remain listed on Nasdaq, subject to filing several delinquent Form 10-Q reports by specified deadlines.

Why was B. Riley Financial at risk of Nasdaq delisting?

B. Riley was non-compliant with Nasdaq Listing Rule 5250(c)(1) because it had not timely filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025, and later also for September 30, 2025.

Which SEC filings must B. Riley Financial complete to keep its Nasdaq listing?

B. Riley must have on file the Form 10-Q for March 31, 2025 (already filed on November 18, 2025), the Form 10-Q for June 30, 2025 by December 23, 2025, and the Form 10-Q for September 30, 2025 by January 20, 2026.

Has B. Riley Financial filed any of the missing 10-Q reports yet?

Yes. The company filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025 with the SEC on November 18, 2025.

What happens if B. Riley Financial misses a Nasdaq Panel filing deadline?

The Decision Letter states that if B. Riley misses any of the Panel’s deadlines for filing its outstanding Form 10-Qs, the Panel will delist the company’s securities from Nasdaq.

Can B. Riley or Nasdaq further review the Panel’s decision?

B. Riley may request review by the Nasdaq Listing and Hearing Review Council within 15 days, and the Council may also decide on its own within 45 days to review, affirm, modify, reverse, dismiss, or remand the Panel’s decision.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/19/2025 - 02:23 PM EST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 18, 2025

B. Riley FinanCIAl, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-37503

27-0223495

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

11100 Santa Monica Blvd., Suite 800

Los Angeles, CA 90025

(310) 966-1444

(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	RILY	Nasdaq Global Market
Depositary Shares (each representing a 1/1000th interest in a 6.875% Series A Cumulative Perpetual Preferred Share, par value $0.0001 per share)	RILYP	Nasdaq Global Market
Depositary Shares, each representing a 1/1000th fractional interest in a 7.375% share of Series B Cumulative Perpetual Preferred Stock	RILYL	Nasdaq Global Market
5.00% Senior Notes due 2026	RILYG	Nasdaq Global Market
5.50% Senior Notes due 2026	RILYK	Nasdaq Global Market
6.50% Senior Notes due 2026	RILYN	Nasdaq Global Market
5.25% Senior Notes due 2028	RILYZ	Nasdaq Global Market
6.00% Senior Notes due 2028	RILYT	Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

On November 18, 2025, B. Riley Financial, Inc. (the “Company”) received written notification (the “Decision Letter”) from the Nasdaq Hearings Panel (the “Panel”) notifying the Company of its decision to grant the Company’s request to continue its listing on The Nasdaq Stock Market (“Nasdaq” or the “Exchange”), subject to the Company’s meeting certain conditions outlined in the letter.

The Company participated in a hearing with the Panel on November 4, 2025 in connection with the Company’s non-compliance with Nasdaq Listing Rule 5250(c)(1) (the “Filing Rule”), as previously notified by the Nasdaq Listing Qualifications Staff (the “Staff”) on April 3, 2025, May 21, 2025 and August 20, 2025. The basis for the Staff Determination Letter was that the Company had not yet filed its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025 and June 30, 2025 with the Securities and Exchange Commission (the “SEC”).

In the Decision Letter, the Hearings Advisor noted that the Panel reviewed the information presented by the Company, detailing the compliance plan proposed by the Company, as well as all other correspondence previously submitted by the Company and the Staff.

Panel Decision

Based on the information presented, the Panel determined to grant the Company an exception to cure its filing delinquencies. In the Decision Letter, the Panel noted the challenges the Company has faced in its financial reporting function and that the Company has retained appropriate external consultants, service providers and a new CFO in an effort to cure the current delinquency and aid in financial reporting moving forward. The Panel granted the Company’s request for continued listing on Nasdaq, subject to the following terms:

1. On or before November 21, 2025, the Company shall file the Form 10-Q for the period ended March 31, 2025;

2. On or before December 23, 2025, the Company shall file the Form 10-Q for the period ended June 30, 2025; and

3. On or before January 20, 2026, the Company shall file the Form 10-Q for the period ended September 30, 2025.

The Company filed its Quarterly Report on Form 10-Q for the period ended March 31, 2025 with the SEC on November 18, 2025.

The Company anticipates filing its Quarterly Reports on Form 10-Q for the periods ended June 30, 2025 and September 30, 2025 by the deadlines set forth in the Decision Letter.

The Decision Letter also noted that, should the Company miss any such deadline, the Panel will delist the Company’s securities from the Exchange.

The Panel also made it a requirement during the exception period that the Company provide prompt notification of any significant events that occur during this time that may affect the Company’s compliance with Nasdaq requirements.

The Company has the right to request that the Nasdaq Listing and Hearing Review Council (the “Listing Council”) review the Decision Letter within 15 days from the date of the decision. The Company does not anticipate making such a request at this time.

In addition, the Decision Letter advised that the Listing Council may, on its own motion, determine to review any Panel decision within 45 calendar days after issuance of the written decision. If the Listing Council determines to review this Decision Letter, it may affirm, modify, reverse, dismiss or remand the decision to the Panel.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	B. Riley Financial, Inc.

	By:	/s/ Bryant Riley
	Name:	Bryant Riley
	Title:	Chairman & Co-CEO

Date: November 19, 2025

Source: View Original Filing on SEC EDGAR

B. Riley keeps Nasdaq listing, must file delayed 10-Qs