Shares of West L.A. investment bank and brokerage B. Riley Financial Inc. will start trading on the Nasdaq exchange Thursday, making the jump from an over-the-counter exchange.
The company announced Tuesday its shares have been approved for trading on the larger exchange. Shares will continue to trade under the stock’s current RILY ticker symbol.
“Our listing on the Nasdaq exchange is another important milestone for our company,” Bryant Riley, the firm’s chief executive, said in a statement Tuesday. “We believe that the listing of our shares on Nasdaq will help expand our shareholder base, improve liquidity and, ultimately, increase shareholder value.”
B. Riley went public last year when it acquired Woodland Hills liquidator Great American Group, which traded over the counter, in a reverse merger. Since then, the firm has launched a new asset-based lending arm and a wealth management business.
Riley told the Business Journal earlier this year that he believed B. Riley provided a great platform for acquisitions, and having a Nasdaq-traded stock should provide the company additional currency with which to do deals.
Shares of B. Riley were flat Tuesday, closing at $10.
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