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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。