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

(Bloomberg) -- B. Riley Financial Inc. filed its overdue audited results for 2024 but said it will miss Nasdaq’s Sept. 29 deadline to file delayed quarterly reports for this year, leaving its listing by the stock exchange still in doubt.

In a filing Friday with the US Securities and Exchange Commission, B. Riley said it told Nasdaq’s staff “it would be unable to file” the quarterly reports by Sept. 29. Nasdaq had told B. Riley last month the company needed to complete all its overdue filings by the deadline — the annual Form 10-K and this year’s first and second-quarter 10-Qs to keep its listing.

The firm said it will request a hearing from Nasdaq if the exchange begins delisting proceedings on Sept. 29 or sooner, according to Friday’s filing. At such a hearing, the Los Angeles-based firm would make the case as to why it should remain listed. B. Riley had said in an Aug. 22 release it needed 30 to 45 days after the 10-K to file the quarterly reports.

“The company is hopeful that a Nasdaq hearings panel will both grant its request to continue trading pending the hearing and then grant the company additional time to remain listed on Nasdaq until such time as it again becomes current in the SEC periodic public filings,” according to the filing. “However, we cannot provide any assurances that Nasdaq will do so.”

A Nasdaq representative declined to comment on B. Riley’s status. 

In its annual report, B. Riley posted a net loss to common shareholders of $772 million for 2024, widening from $108 million in 2023. The company had previously said it’s dismissing its auditor, Marcum LLP, after the 2024 annual report was finished. The report also cited 10 “material weaknesses” in the company’s controls.  

Marcum completed the 2024 audit while preparing to hand over its duties to BDO USA, which is reviewing the 2025 filings. B. Riley has said it’s made “substantial progress” on filings for this year’s first two quarters.

--With assistance from Nicola M White.

More stories like this are available on bloomberg.com

©2025 Bloomberg L.P.