Finance
B. Riley Jumps After Reporting Sufficient Cash for 12 Months
Shares in the company soared as much as 33% in New York.
Photographer: Eric Thayer/BloombergThis article is for subscribers only.
B. Riley Financial Inc. jumped in New York trading after the investment and brokerage firm said it has enough cash for the next 12 months, as it continues to navigate a slew of soured investments and cope with upcoming debt payments.
The company said in a filing that its current cash and cash equivalents, securities and other investments, funds from its credit facilities — plus cash it expects to generate — will be enough to meet its working capital and capital expenditures for the coming year.