SEC Filing Summary: B. Riley Financial, Inc. (RILY)
Business Context and Reporting Period
This Form 8-K was filed on November 20, 2024, by B. Riley Financial, Inc. (the "Company"). The filing addresses a regulatory notice received from the Nasdaq Stock Market LLC regarding the Company's compliance with listing standards. The Company is incorporated in Delaware and trades on the Nasdaq Global Market under the symbols RILY, RILYP, RILYL, RILYM, RILYG, RILYK, RILYN, RILYZ, and RILYT.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current report regarding a listing compliance issue and does not contain financial statement data.
Material Changes and Events
- Delisting Notice: The Company received a notice from Nasdaq indicating non-compliance with Listing Rule 5250(c)(1) due to delays in filing its Quarterly Reports on Form 10-Q for the periods ended June 30, 2024, and September 30, 2024.
- Compliance Deadlines: The Company must submit an update to its compliance plan to Nasdaq by December 5, 2024.
- Maximum Extension: Any additional exception to regain compliance is limited to 180 calendar days from the due date of the initial delinquent filing, extending until February 17, 2025.
- Listing Status: The notice has no immediate effect on the listing of the Company's securities on Nasdaq.
Guidance, Outlook, and Management Commentary
Management stated that the Company continues to work diligently to complete its Quarterly Reports and plans to file them as promptly as possible to regain compliance. A press release regarding this notice was issued on November 26, 2024, pursuant to Nasdaq Listing Rule 5810(b). The filing does not contain forward-looking financial guidance or specific risk factors beyond the immediate delisting risk.
Investor Verification Checklist
- Verify the status of the Company's Form 10-Q filings for the quarters ended June 30, 2024, and September 30, 2024.
- Monitor the Company's submission of a compliance plan update to Nasdaq by the December 5, 2024 deadline.
- Track the Company's progress toward filing delinquent reports before the February 17, 2025 hard deadline to avoid delisting.
- Review the attached press release (Exhibit 99.1) for any additional details on the delay causes.