Shares of B. Riley Financial Inc. will start trading on the Nasdaq exchange Thursday, making the jump from the over-the-counter market.
The West L.A. investment bank and brokerage, which acquired Woodland Hills liquidator Great American Group last year, announced Tuesday its shares have been approved for trading on the exchange.
Shares will continue to trade under the stock’s current RILY ticker symbol.
“Our listing on the Nasdaq exchange is another important milestone for our company,” said Bryant Riley, the firm’s chief executive, in a statement Tuesday. “We believe that the listing of our shares on Nasdaq will help expand our shareholder base, improve liquidity and, ultimately, increase shareholder value.”
B. Riley went public last year after acquiring Great American in a reverse merger. Since then, the firm has launched a new asset-based lending arm and a wealth management business.
Riley told the San Fernando Valley Business Journal's sister paper in Los Angeles earlier this year that he believed B. Riley provided a great platform for acquisitions. He added that having a Nasdaq-traded stock should provide the company additional currency to do deals.
Shares of B. Riley were flat Tuesday, closing at $10.