LOS ANGELES, Nov. 2, 2016 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ: RILY) (the " Company") announced today that it has closed an underwritten registered public offering of $28.75 million aggregate principal amount of 7.50% Senior Notes due 2021 (the "Notes"), which amount included $3.75 million aggregate principal amount of Notes issued pursuant to the full exercise by the underwriters of their overallotment option. Wunderlich Securities, Inc. and Compass Point Research & Trading LLC acted as book-running managers for the offering.
The offering resulted in net proceeds of approximately $27.7 million after deducting underwriting discounts and commissions, but before expenses. The Company intends to use the net proceeds for general corporate purposes. The Notes were offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission. The offering of these Notes was made only by means of a prospectus supplement and accompanying base prospectus, which was filed with the Securities and Exchange Commission. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would not be permitted. About B. Riley Financial, Inc. B. Riley Financial, Inc. provides collaborative financial services and solutions through several subsidiaries and with the acquisition of United Online, Inc. ("UOL") on July 1, 2016, provides consumer services and products over the internet. B. Riley & Co. LLC, a leading investment bank which provides corporate finance, research, and sales & trading to corporate, institutional and high net worth individual clients;. Great American Group, LLC, a leading provider of advisory and valuation services, and asset disposition and auction solutions to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional service firms. B. Riley Capital Management, LLC, an SEC registered Investment Advisor, which includes B. Riley Asset Management, a provider of investment products to institutional and high net worth investors, and B. Riley Wealth Management (formerly MK Capital Advisors), a multi-family office practice and wealth management firm focused on the needs of ultra-high net worth individuals and families; and Great American Capital Partners, a provider of senior secured loans and second lien secured loan facilities to middle market public and private U.S. companies. UOL provides internet access services and devices under the NetZero and Juno brands primarily in the United States.