B. Riley Files 10-K but Overdue Reports Still Jeopardize Listing

Core Viewpoint - B. Riley Financial Inc. has filed its overdue audited results for 2024 but will miss Nasdaq's September 29 deadline for delayed quarterly reports, putting its stock exchange listing in jeopardy [1][2]. Group 1: Filing Status - B. Riley informed Nasdaq that it would be unable to file the required quarterly reports by the September 29 deadline [2]. - The company is required to complete all overdue filings, including the annual Form 10-K and the first and second-quarter 10-Qs, to maintain its listing on Nasdaq [2]. Group 2: Delisting Proceedings - B. Riley plans to request a hearing from Nasdaq if delisting proceedings begin on or before September 29, where it will argue for its continued listing [3]. - The company expressed hope that the Nasdaq hearings panel will allow it to continue trading pending the hearing and grant additional time to remain listed [4]. Group 3: Financial Performance - In its annual report, B. Riley reported a net loss to common shareholders of $772 million for 2024, an increase from a loss of $108 million in 2023 [5]. - The report identified 10 "material weaknesses" in the company's internal controls [5]. Group 4: Auditor Transition - Marcum LLP completed the 2024 audit and is transitioning its duties to BDO USA, which is currently reviewing the 2025 filings [6]. - B. Riley has indicated that it has made "substantial progress" on filings for the first two quarters of this year [6].