UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Items.
As previously disclosed, on October 31, 2022, the share repurchase program of B. Riley Financial, Inc. (the “Company”) was reauthorized by the Company's Board of Directors for repurchases of up to $50 million of the Company's outstanding shares of common stock, which program was scheduled to expire in October 2023. Since November 1, 2022, the Company has repurchased a total of 1,058,644 shares of its common stock at an average price of approximately $38.88 per share, for a total repurchase price of approximately $41,164,000. Given such repurchase transactions, on March 3, 2023, the Company's Board of Directors authorized an updated share repurchase program for share repurchases of up to $50 million through October 2023. The repurchase program is to be made in accordance with the terms of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and/or in accordance with all applicable laws and regulations in effect from time to time. Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by the Company’s management and in accordance with the regulations of the Securities and Exchange Commission. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume and market conditions. Shares of common stock repurchased under the repurchase program shall be retired and returned to the status of authorized but unissued shares of common stock.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| March 6, 2023 | B. RILEY FINANCIAL, INC. | |
| By: | /s/ Phillip J. Ahn | |
| Name: | Phillip J. Ahn | |
| Title: | Chief Financial Officer and | |
| Chief Operating Officer | ||
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