Why B. Riley Financial's Stock Is Soaring Today
Shares of the investment bank B. Riley Financial (NASDAQ: RILY) had exploded nearly 19% higher at 10:30 a.m. ET today after the company announced that it had secured new debt financing.It's been a tumultuous few years for B. Riley, which has been the subject of multiple short reports and an investigation by the Securities and Exchange Commission (SEC). The SEC investigated whether the bank properly made the public aware of the risks of some of its assets. B. Riley had to delay submitting SEC filings. The company also had to suspend its dividend and has reported some big losses. Shares in 2024 got crushed by 78%.However, the company has come out swinging in recent weeks. On Feb. 24, B. Riley announced it would release its preliminary fourth-quarter results on March 3. B. Riley's co-CEO Bryant Riley said in the release, "We look forward to providing investors with a broader update." Yesterday, the company announced that it had regained compliance with the Nasdaq after submitting its third-quarter 10-Q.Continue reading
Shares of the investment bank B. Riley Financial (NASDAQ: RILY) had exploded nearly 19% higher at 10:30 a.m. ET today after the company announced that it had secured new debt financing.
It's been a tumultuous few years for B. Riley, which has been the subject of multiple short reports and an investigation by the Securities and Exchange Commission (SEC). The SEC investigated whether the bank properly made the public aware of the risks of some of its assets. B. Riley had to delay submitting SEC filings. The company also had to suspend its dividend and has reported some big losses. Shares in 2024 got crushed by 78%.
However, the company has come out swinging in recent weeks. On Feb. 24, B. Riley announced it would release its preliminary fourth-quarter results on March 3. B. Riley's co-CEO Bryant Riley said in the release, "We look forward to providing investors with a broader update." Yesterday, the company announced that it had regained compliance with the Nasdaq after submitting its third-quarter 10-Q.
