shih-wei
Shares of B. Riley Financial (NASDAQ:RILY) on Wednesday gained 7% in extended trading, after the company said it had reached an agreement with its lenders to extend the deadline for delivering its 2023 audited financial statements.
RILY stock was last up 7% to $20.30 after hours.
The boutique investment bank said it had secured an extension under its existing credit agreement with Nomura - which acted as the administrative agent for the lenders - of the time required to deliver the 2023 audited financials.
"While the Company does not believe it will require the full period, the lenders have agreed that the audited financials need not be delivered until April 29, 2024. The Company did not incur any additional fees as a result of the extension," B. Riley (RILY) said in a regulatory filing.
B. Riley (RILY) has experienced delays in completing and filing its annual report on time since late February. The company earlier this month said it was still working with its auditors to finalize the report.
At that time in late February, RILY's board had completed an internal review and had determined that the company had acted properly in regard to the management-led buyout of Franchise Group.
The company had later slashed its dividend by 50% and posted a wider loss in its Q4 2023.