B. riley financial, inc. (nasdaqgm:rily) entered into a membership interest purchase agreement to acquire unknown majority interest in assets and intellectual property related to licenses of six brands of bluestar alliance, llc for approximately $120 million.
B. riley financial, inc. (nasdaqgm:rily) entered into a membership interest purchase agreement to acquire unknown majority interest in assets and intellectual property related to licenses of six brands of bluestar alliance, llc for approximately $120 million on october 11, 2019. as part of agreement, b. riley financial agreed to pay $116.5 million in cash and issue warrants up to 200,000 shares of the b. riley financial’s common stock, par value $0.001 per share, at an exercise price per share equal to $26.24. common stock issuable under the warrant will immediately vest and become exercisable upon its issuance at the closing, and the remaining two-thirds of such shares of common stock will vest and become exercisable following the first and/or second anniversaries of the closing, subject to the specified financial performance targets. b. riley financial and bluestar alliance, have additionally agreed to use their respective reasonable best efforts to obtain necessary regulatory approvals and to fulfill as promptly as practicable the conditions precedent to the other parties’ obligations under the mipa. the transactions are subject to the expiration or earlier termination of the waiting period under the hart-scott-rodino antitrust improvements act of 1976. the mipa provides that if such expiration or earlier termination has not occurred on or prior to december 30, 2019, the mipa will automatically terminate. the closing is expected to occur in the fourth quarter of 2019.
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