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B. Riley Financial Announces Offering Of Depositary Shares And Series B Cumulative Perpetual Preferred Stock

LOS ANGELES, Sept. 1, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company") today announced it has commenced an underwritten registered public offering of

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LOS ANGELES, Sept. 1, 2020 /PRNewswire/ -- B. Riley Financial, Inc. (NASDAQ:RILY) ("B. Riley" or the "Company") today announced it has commenced an underwritten registered public offering of depositary shares, each representing 1/1000th fractional interest in a share of the Company's Series B Cumulative Perpetual Preferred Stock, with a liquidation preference equivalent to $25.00 per depositary share, subject to market and certain other conditions. The Company expects to grant the underwriters a 30-day option to purchase additional depositary shares in connection with the offering solely to cover overallotments.

The Company expects to use the net proceeds of this offering for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.

B. Riley FBR, Incapital, Ladenburg Thalmann and William Blair are acting as book-running managers for this offering. Boenning & Scattergood, Kingswood Capital Markets, Division of Benchmark Investments, Inc. and Wedbush Securities are acting as co-managers.

The depositary shares will be offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission ("SEC"). The offering of these depositary shares will be made only by means of a prospectus supplement and accompanying base prospectus.

Copies of the prospectus supplement and the accompanying base prospectus may be obtained on the SEC's website at www.sec.gov, or from the offices of B. Riley FBR at 1300 17th Street, Suite 1300, Arlington, Virginia 22209, by telephone at (703) 312-9580, or by emailing prospectuses@brileyfbr.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the depositary shares, nor shall there be any sale of the depositary shares in any jurisdiction in which such offer, solicitation or sale would not be permitted.