B. Riley Going Public Through MergerTuesday, May 20, 2014
West L.A. brokerage and investment bank B. Riley & Co. is going public in a merger with Great American Group Inc., a Woodland Hills liquidation company.
Under the deal announced Monday, B. Riley shareholders purchase publicly traded Great American. Bryant Riley, chairman of his namesake firm, will be chairman and chief executive of the combined firms.
B. Riley shareholders will receive newly issued Great American shares worth about $24 million. Also, B. Riley shareholders and other investors will buy $51.4 million of additional Great American shares to recapitalize the firm and pay off debt.
Great American will also do a reverse stock split, a move aimed at meeting listing requirements for national stock exchanges. Great American shares now trade over the counter for about 28 cents.