24/7 Market News Snapshot 29 October, 2024 – B. RILEY FINANCIAL, INC. (NASDAQ:RILY)

October 29, 2024

DENVER, Colo., 29 October, 2024 (247marketnews.com) – (NASDAQ:RILY) are discussed in this article.
B. Riley Financial, Inc. (NASDAQ:RILY) has experienced a remarkable surge in stock value, with recent trading reflecting an impressive increase of over 20%, lifting its price from a previous close of $5.63 to approximately $6.78. This bullish momentum has captivated investors, as evidenced by a trading volume of 2.02 million shares, signaling strong market confidence.

In conjunction with this stock performance, B. Riley has successfully completed a significant transaction involving its brand assets, generating approximately $236 million in cash proceeds. This strategic move includes the transfer of interests in various premium brand assets and intellectual property licenses, notably featuring well-known names like Hurley, Justice, and Scotch & Soda. Following this endeavor, B. Riley realized about $189 million in net proceeds from a financing transaction aimed at strengthening its capital structure, while its subsidiary, bebe stores, contributed an additional $47 million from the sale of its brand interests.

Bryant Riley, Chairman and Co-CEO, expressed appreciation for the collaboration with Bluestar Alliance, highlighting their operational expertise in successfully repositioning the involved brands. He noted that this transaction signifies a shift for B. Riley, moving from asset monetization to focusing on strategic growth within its core financial services.

Mr. Riley further emphasized the considerable opportunities that exist within the small- and mid-cap markets, asserting that the company is well-prepared to meet these demands. The significant proceeds from this deal are expected to be utilized to reduce outstanding senior secured debt, thereby enhancing the firm’s balance sheet stability.

As B. Riley prepares to inform investors during its upcoming quarterly earnings call, the company remains committed to delivering tailored financial solutions and capitalizing on emerging growth opportunities within diverse markets, promising an optimistic outlook for its stakeholders.

Related news for (RILY)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.