Investing.com -- Shares of B. Riley Financial, Inc. (NASDAQ:RILY) soared 16.7% in pre-open trading Tuesday following the company’s announcement regarding the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2024. The financial services firm stated that the filing is consistent with the preliminary financial results released earlier on August 12, 2024, signaling a step toward regaining compliance with Nasdaq Listing Rules.
The market’s positive response comes as B. Riley also outlined expectations to file the Quarterly Report for the third quarter of 2024 soon. This anticipated move is seen as a critical step for the company to restore its standing with Nasdaq’s regulatory requirements. As of the end of 2024, B. Riley reported a preliminary cash balance of $257 million, which accounts for the reserves set aside for the payment of the company’s Senior Notes due in February 2025.
While the company has yet to release its third-quarter report, the disclosure of its cash position provides a glimpse into its financial health. Investors appear to be reacting favorably to the clarity provided by B. Riley, as the company works to fulfill its obligations and maintain its listing status.
B. Riley’s recent developments, including its financial reporting and compliance efforts, are essential considerations for investors as they evaluate the company’s performance and future prospects.
Shares of B.Riley are down 83% over the last year.
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