B. Riley Financial (RILY) said Tuesday its investment banking subsidiary B. Riley Securities, or BRS, has merged with shell entity Cascadia Investments, resulting in some Cascadia investors becoming minority stockholders in BRS.
The transaction was structured as a tax-free separation with minimal costs, the company said. As a result of the transaction, B. Riley Financial now owns approximately 89% of the outstanding shares of BRS, with the remaining shares exclusively held by the employees of BRS in the form of restricted stock awards, and certain of the existing shareholders of Cascadia.
BRS will have its own operating and governance structure and will independently report financial results. Its common stock will now be quoted on the OTC Pink market under the ticker symbol BRLY, B. Riley Financial said.
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