BUZZ-B Riley ends higher after release of 10Q

Shares of troubled investment bank B Riley Financial Inc RILY.O turns higher to close up 10.4% at $3.40, pares gains after lifting of volatility halt, having risen as much as 33.1%

RILY said in quarterly report on Friday it believes it has cash and cash equivalents, securities and other investments owned, funds available under our credit facilities, and cash expected to be generated from operating activities sufficient for capital and capital expenditure requirements for at least 12 months

RILY down 24.9% YTD vs NASDAQ Composite Index's .IXIC 1.1% increase

RILY is looking for successors to the Nomura-led lending syndicate as part of a turnaround plan that may see the bank spin off its securities business, a Bloomberg report said this month

Bank has been in a tailspin since last year when it suspended its dividend and revealed huge losses tied to Franchise Group bankruptcy, a retailer backed by RILY

RILY and its co-CEO Bryant Riley have also received subpoenas from the U.S. SEC over the bank's dealings with Franchise's former CEO Brian Kahn

Bank has sought to fortify its balance sheet and stem the stock rout through divestitures of non-core units

RILY stock slumped 78.1% in 2024