|Over a week ago|
Paul Singer's Elliott buys Cubic, exits AT&T in Q3 » 17:0911/1611/16/20
UNIT, CUB, T, RYAAY, SPR, DELL, CRMD, WELL, RILY, HWM, EBAY, MPC, NLSN
Paul Singer's Elliott Management disclosed in an SEC filing its holdings as of September 30, 2020. Elliott's three new buys during the third quarter included, by size of position, Uniti Group (UNIT) and Cubic (CUB). The fund exited five positions during the quarter, including by size of previous position AT&T (T), Ryanair (RYAAY), and Spirit AeroSystems (SPR). Elliott increased its stake in two holdings, namely Dell Technologies (DELL) and CorMedix (CRMD). The fund decreased its stake in two holdings, namely Welltower (WELL) and B. Riley Financial (RILY). Elliott's top holdings as of September 30, 2020, in order of size, were Dell Technologies, Howmet Aerospace (HWM), eBay (EBAY), Marathon Petroleum (MPC), and Nielsen Holdings (NLSN).
Bebe stores acquires 47 franchise locations from Franchise Group for $35M » 08:0511/1111/11/20
BEBE, FRG, RILY
Bebe (BEBE) stores…
Bebe (BEBE) stores announced the purchase of 47 Buddy's Home Furnishings rent-to-own franchises from Franchise Group (FRG) for $35M. The agreement also grants bebe the rights to build additional franchises in protected geographies throughout the Southeastern United States. "This is a transformational acquisition that will not only be materially accretive to bebe's cash flow over time, but also provides a platform for future growth through the development agreement," said bebe CEO, Manny Mashouf. "The acquired Buddy's stores have a strong and consistent record of free cash flow generation across multiple market cycles. This acquisition diversifies bebe's profit stream and better utilizes existing net operating loss carryforwards. Additionally, the expanded operational infrastructure being developed for this transaction can be leveraged to support additional acquisitions of high free cash flow entities in the future." The transaction will be funded by a 1.5M primary share purchase by B. Riley Financial (RILY) at a price of $5.00 per share, a $22M secured loan led by Milfam and available cash on hand.
Fly Insider: Xerox, At Home Group among week's notable insider trades » 15:4911/0911/09/20
ATEA, XRX, ESPR, RILY, OPK, CVNA, HOME, DDOG, FSLR, IPHI
Welcome to "Fly Insider,"…
Chairman of B. Riley Financial Bryant Riley buys $1.6M in company stock » 15:2811/0311/03/20
Chairman of B. Riley…
Chairman of B. Riley Financial Bryant Riley bought 60,000 shares of company stock at $26.66 per share on November 3 for a total transaction amount of $1,599,510.
|Over a month ago|
B. Riley Financial announces strategic investment in IQvestment Holdings » 08:0610/0710/07/20
B. Riley Financial…
B. Riley Financial announced a strategic investment in IQvestment Holdings, an innovative fintech company offering an industry leading business-to-business eCommerce platform solution, as well as an SEC Registered Investment Adviser for sub-advised accounts and retail investors. As part of the transaction, Chuck Hastings, B. Riley Wealth Management CEO, joins IQvestment Holding's board of directors, and Jon Merriman, Chief Business Officer of B. Riley Financial, joins the firm's advisory board
B. Riley Financial launches new business line » 08:0510/0610/06/20
B. Riley Financial…
B. Riley Financial announced it is launching a new line of business, B. Riley Venture Capital. A subsidiary of B. Riley, the new division will be headed by Todd D. Sims, who stepped down from B. Riley Financial's board of directors to take this position. Supported by B. Riley's strong balance sheet and syndication platform, B. Riley Venture Capital will pursue investments in late-stage growth companies with a path toward public markets. The venture capital business will benefit from the depth and breadth of B. Riley's investment banking, capital markets and advisory businesses, with syndication opportunities across B. Riley's institutional, banking and retail client base.
Eos Energy to merge with B. Riley Principal Merger, to list on Nasdaq » 08:1209/0809/08/20
BMRG, RILY, EOSE
Eos Energy and B. Riley…
Eos Energy and B. Riley Principal Merger (BMRG), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial (RILY), announced a definitive merger agreement for a business combination that would result in Eos becoming a publicly listed company. Upon closing of the transaction, the combined company will be renamed Eos Energy Enterprises (EOSE) and intends to list its shares of common stock on Nasdaq under the ticker symbol (EOSE). Eos is focused on accelerating the growth of clean energy in the United States by deploying large scale stationary energy storage solutions that deliver reliable and cost-competitive power in a safe and environmentally sustainable way. Eos's flagship product, the Eos Znyth DC battery system, is designed to meet the requirements of the grid-scale energy storage market, is commercially available and scalable, and is manufactured in the United States. The business combination values Eos at an implied $550M pro forma enterprise value which represents approximately 2x 2022E revenue and approximately 0.5x 2024E revenue. The boards of directors of both Eos and BMRG have approved the proposed transaction, which is expected to be completed in Q4. The net proceeds from this transaction will be used to fund the growth of Eos's corporate strategy, which includes the expansion of its manufacturing capacity to meet customer demand, investment in personnel to further drive research, development and commercialization, in addition to general corporate purposes. Following completion of the transaction, Eos will retain its management team. Joe Mastrangelo will continue to serve as CEO and Sagar Kurada will continue to serve as CFO. Daniel Shribman will join the Eos board of directors upon closing of the transaction.
B. Riley Financial announces offering of depositary shares » 07:4409/0109/01/20
B. Riley Financial…
B. Riley Financial announced it has commenced an underwritten registered public offering of depositary shares, each representing 1/1000th fractional interest in a share of the company's Series B Cumulative Perpetual Preferred Stock, with a liquidation preference equivalent to $25.00 per depositary share, subject to market and certain other conditions. B. Riley FBR, Incapital, Ladenburg Thalmann and William Blair are acting as book-running managers for this offering. Boenning & Scattergood, Kingswood Capital Markets, Division of Benchmark Investments, Inc. and Wedbush Securities are acting as co-managers.
B. Riley Principal Merger, Eos expect definitive merger agreement 'imminently' » 16:4808/3108/31/20
Eos Energy announced…
Eos Energy announced additional details regarding the potential business combination transaction with B. Riley Principal Merger (BMRG), a special purpose acquisition company sponsored by an affiliate of B. Riley Financial (RILY), announced on June 24. On June 24, Eos and . Riley Principal Merger, or BRPM II, announced the execution of a letter of intent for a business combination transaction, which would result in Eos becoming a public reporting company. Eos and BRPM II anticipate executing a definitive agreement for the business combination imminently. If the definitive agreement for the business combination is executed as anticipated, the potential business combination is expected to be completed during Q4, subject to certain closing conditions, including but not limited to approval of the business combination by BRPM II's stockholders and other customary closing conditions. "We are pleased with our steady progress to enter into a definitive agreement for a business combination of BRPM II and Eos," said Dan Shribman, CEO and CFO of BRPM II and CIO of B. Riley Financial. "We believe the business combination will serve as the catalyst to accelerate the growth of Eos' disruptive technology. We look forward to sharing our full business plan with the market shortly."
|Over a quarter ago|
Stein Mart to close 279 locations through going out of business sales » 09:0408/1308/13/20
On August 12, Stein Mart…
On August 12, Stein Mart filed for Chapter 11 reorganization and authorized going out of business sales by a joint venture comprising Gordon Brothers, Hilco Merchant Resources, Tiger Capital Group, B. Riley Financial's Great American Group and SB360 Capital Partners. The sale process is underway at all 279 Stein Mart locations across the U.S.