If you’ve listened to quarterly earnings calls hosted by executives from such publicly traded radio broadcasting companies as iHeartMedia and Cumulus Media of late, chances are you are familiar with Daniel Day of B.Riley Financial.
B.Riley is a publicly traded company, and its shares, which can be found on Nasdaq under the ticker symbol “RILY,” have been soaring since an April dip and today are at a 52-week high. Now, B.Riley has announced it has priced an underwritten public offering of 1,818,182 shares of its common stock.
The offering is at a price of $55.00 per share, putting its total value at $100 million.
What does this mean for B.Riley employees? Undisclosed company officers, directors, and employees have agreed to purchase approximately $7 million of shares of common stock at the $55 per share strike price.
B. Riley Securities is acting as sole book-running manager for the offering, and B.Riley Financial has granted the underwriter a 30-day option to purchase up to an additional 272,727 shares of its common stock in connection with the offering.
The time window for the offering is a tiny one, with the offering expected to close on Friday (7/28), subject to the satisfaction of customary closing conditions.
The offering is being made by means of a prospectus. A registration statement was previously filed by the Company with the SEC and became effective upon filing on January 28, 2021, and a preliminary prospectus supplement was filed on July 25, 2023.
Copies of the preliminary prospectus supplement and the accompanying base prospectus may be obtained on the SEC’s website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by emailing [email protected].
