LOS ANGELES - B. Riley Financial, Inc. (NASDAQ:RILY), a diversified financial services company, has been notified by Nasdaq of non-compliance with its listing rules due to a delay in filing its annual report.
The company disclosed on Monday that it had received a delinquency notification from Nasdaq for not submitting its Annual Report on Form 10-K for the year ended December 31, 2023, in accordance with Nasdaq Listing Rule 5250(c)(1).
The delay stems from an internal review conducted by the company's Audit Committee, focusing on transactions involving Brian Kahn, which required substantial time and resources, as explained in prior SEC filings.
B. Riley's Board of Directors has previously affirmed that neither the company nor its executives had any involvement or knowledge of the alleged misconduct related to Brian Kahn and Prophecy Asset Management LP.
Nasdaq has given B. Riley Financial a 60-day deadline, until May 17, 2024, to submit a plan to regain compliance. The exchange may grant an extension of up to 180 days from the original filing due date for the company to meet the listing requirements, potentially allowing until September 11, 2024, for compliance.
B. Riley Financial is actively working with its auditors to finalize and file its Annual Report as swiftly as practicable and intends to comply with Nasdaq's rules as soon as possible. The notification from Nasdaq does not immediately affect the trading of the company's stock.
The company offers a range of financial services including investment banking, brokerage, wealth management, consulting, and corporate restructuring, among others. It also makes strategic investments and provides loan underwriting services through its subsidiaries.
This news is based on a press release statement and reflects the current situation as of today. B. Riley Financial has not yet provided a new timeline for the filing of its annual report. The company's future updates will be disclosed in accordance with SEC regulations.
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