B. Riley Going Public Through Merger
West L.A. brokerage and investment bank B. Riley & Co. is going public in a merger with Great American Group Inc., a Woodland Hills liquidation company.
Under the deal announced Monday, B. Riley shareholders purchase publicly traded Great American. Bryant Riley, chairman of his namesake firm, will be chairman and chief executive of the combined firms.
B. Riley shareholders will receive newly issued Great American shares worth about $24 million. Also, B. Riley shareholders and other investors will buy $51.4 million of additional Great American shares to recapitalize the firm and pay off debt.
Great American will also do a reverse stock split, a move aimed at meeting listing requirements for national stock exchanges. Great American shares now trade over the counter for about 28 cents.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Reversed Course
- B. Riley Jumps to Nasdaq
- B. Riley, Great American Close Merger
- B. Riley Enters Wealth Management Business With Acquisition
- Brokerage’s Liquidation Business Makes Splash
- Great American Reports Smaller Loss
- Local Focus Delivers Deals
- B. Riley to Acquire Voice-Over-Internet Firm for $143 Million