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B. Riley Financial (NASDAQ:RILY) shares rose on Monday after the company announced strategic and financing initiatives. Initiaves included negotiating a sale of a majority stake in its Great American Group at a $380 million enterprise value, alongside a $236 million debt financing plan for its brands portfolio.
What To Know: These moves are expected to yield around $410 million in gross cash proceeds, which the company plans to use to reduce its senior secured debt to approximately $125 million by the end of 2024.
Key Initiatives:
Price Action: As of now, B. Riley shares have surged by 11.1%, with the price rising to $5.97 according to Benzinga pro.
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Posted In: RILY