B. Riley Financial Inc. on Tuesday said it was splitting off its investment banking business while retaining the majority of the shares in the new company.
B. Riley Securities, the investment banking group, has merged with Cascadia Investments Inc., a shell entity. As a result, certain investors in Cascadia became minority stockholders of the investment bank.
B. Riley Securities is implementing its own operating and governance structure, and its common stock will now be quoted on the OTC Pink market under the ticker symbol "BRLY," according to the company.
“The firm will independently report financial results, which will provide stakeholders with enhanced transparency and the ability to independently value a pure-play investment bank focused on the small cap and middle markets,” the company said in a press release.
Bloomberg News reported at the end of January that B. Riley Financial was looking to make such a move. The publicly traded financial conglomerate has been in trouble for more than a year for more than a year after the collapse of one of its biggest investments, Franchise Group Inc.
The share price of B. Riley financial has plummeted 78.5% over the past year, and was trading Wednesday afternoon at $4.31 per share.
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