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Stock News Summary: Riley Financial (NASDAQ:RILY)

Riley Financial (NASDAQ:RILY) stock observed trading -11.03% off 52-week high price. On the other end, the stock has been noted 70.30% away from low price over the last 52-weeks. The stock disclosed a move of 4.35% away from 50 day moving average and 23.19% away from 200 day moving average. Moving closer, we can see that shares have been trading -4.69% off 20-day moving average. It has market cap of $598.6M and dividend yield of 3.10%.

On Oct. 2, 2019, Riley Financial (NASDAQ:RILY) declared the pricing of its underwritten registered public offering of 2,000,000 depositary shares at an initial public offering price of $25.00 per depositary share, raising gross proceeds of $50 million before deducting underwriting discounts and other estimated offering expenses. Each depositary share represents a 1/1000th fractional interest in a share of the Company’s 6.875% Series A Cumulative Perpetual Preferred Stock. Dividends on the Series A Preferred Stock underlying the depositary shares will be paid when declared by the Board at a fixed rate of 6.875% with a liquidation preference equivalent to $25.00 per depositary share.

In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to an additional $7.5 million of depositary shares solely to cover overallotments. The offering is expected to close on or about October 7, 2019, subject to customary closing conditions.

The Company’s depositary shares are expected to begin trading on NASDAQ under the symbol RILYP within 30 business days of the closing date of this offering, if approved.

Net proceeds of this offering will be used for general corporate purposes, including funding future acquisitions and investments, repaying indebtedness, making capital expenditures and funding working capital.

 The USA based company B. Riley Financial moved with change of 1.71% to $22.58 with the total traded volume of 68186 shares in recent session versus to an average volume of 51.15K. The stock was observed in the 5 days activity at -4.93%. The one month performance of stock was -0.66%. RILY’s shares are at 12.19% for the quarter and driving a 3.64% return over the course of the past year and is now at 63.11% since this point in 2018.  Right now the stock beta is 0.93. The average volatility for the week and month was at 3.37% and 3.48% respectively. There are 26.51M shares outstanding and 20.78M shares are floated in market.

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