B. Riley Financial Inc (RILY) stock gained 10.19% in the after-hours session on Monday after losing 0.72% in the morning session. The RILY stock closed at $67.18 per share in the evening.RILY shares have risen by 240.56% over the last 12 months, and they have moved up by 3.90% in the past week. Over the past three months, the stock has gained 40.52%, while over the past six months, it has added 138.22%.
Let’s have a look at the recent developments
S&P SmallCap 600 inauguration
On April 12, 2021, B. Riley Financial Inc. said that it will be listed in the S&P SmallCap 600 effective before the opening of trading on Thursday, April 15.B. Riley Financial will replace The Michaels Companies Inc. which is acquired by Apollo Global Management.
Announcing stock dividends
On April 6, 2021, B. Riley Financial announced the cash dividends on its 6.875% Series A and its 7.375% Series B Stock, each series of which is represented by depositary shares. Each depositary share represents 1/1000th fractional interest in a share of the respective Preferred Stock with a liquidation preference equivalent to $25.00 per depositary share.
B. Riley Financial will pay the Stock dividends on or about April 30, 2021, to respective Series A and Series B holders of record as of the close of business on April 20, 2021.
Separate trading of common stock and warrants
On April 2, 2021, B. Riley Principal 150 Merger Corp announced the separate trading of the shares of Class A common stock and warrants included in the Units. The Common Stock will trade under the symbolBMPM and warrants under BRPMWon the Nasdaq Stock Market.
Closing an underwritten registered public offer of senior notes
On March 29, 2021, B. Riley Financial, Inc. announced to close an underwritten registered public offering of 5.50% senior notes due 2026 in an aggregate principal amount of approximately $159.5 million. RILY stock is expected to get net proceeds of approximately $154.5 million from the offer.
On March 24, 2021, B. Riley Financial, Inc. announced the pricing of an underwritten registered public offering of $150 million aggregate principal amount of 5.50% senior notes due 2026.
The updated financial outlook for Q1, 2021
On March 23, 2021, B. Riley Financial, Inc provided preliminary estimates for operating adjusted EBITDA for the first quarter ending March 31, 2021.
RILY stock is looking for adjusted EBITDA to be in the range of $105 to $115 million for Q1, 2021, compared to operating adjusted EBITDA of $70.9 million for the first quarter of 2020.
Based on current information, B. Riley Financial is expecting a strong first-quarter performance.