Item 5. Market for Registrant’s Common Equity
Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Stock Market and Other Information
Our common stock is traded on the NASDAQ Global Market under the symbol: “RILY”. From July 16, 2015 to November 15, 2016, our common stock was traded on the NASDAQ Capital Market under the symbol “RILY”.
As of February 24, 2023, there were approximately 119 holders of record of our Common Stock. This number does not include beneficial owners holding shares through nominees or in “street” name.
Dividend Policy
From time to time, we may decide to pay dividends which will be dependent upon our financial condition and results of operations. While it is the Board’s current intention to make regular dividend payments each quarter and special dividend payments dependent upon exceptional circumstances from time to time, our Board of Directors may reduce or discontinue the payment of dividends at any time for any reason it deems relevant. The declaration and payment of any future dividends or repurchases of our common stock will be made at the discretion of our Board of Directors and will be dependent upon our financial condition, results of operations, cash flows, capital expenditures, and other factors that may be deemed relevant by our Board of Directors.
Recent Repurchases of Equity Securities
During the three months ended December 31, 2022, we made the following purchases of shares of our common stock.
Period Total Number of Shares Purchased (1)(2)
Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Program
October 1 through October 31, 2022 158 $ 40.68 — $ 50,000
November 1 through November 30, 2022 52,404 $ 41.41 44,419 $ 48,170
December 1 through December 31, 2022 148,639 $ 34.14 138,267 $ 43,510
Total 201,201 $ 36.04 182,686
(1) Includes purchases of 18,515 shares made to satisfy the income tax withholding obligations of certain employees upon the vesting and delivery of restricted stock units issued under our 2021 Stock Incentive Plan.
(2) Includes purchases of 182,686 shares under the Company's annual share repurchase program. On March 3, 2023, the share repurchase program was reauthorized by the Board of Directors for share repurchases of up to $50.0 million of the Company's outstanding common shares and expires in October 2023. On October 31, 2022, the share repurchase program was reauthorized by the Board of Directors for share repurchases of up to $50.0 million of the Company's outstanding common shares and expires in October 2023. On October 25, 2021, the share repurchase program was reauthorized by the Board of Directors for share repurchases up to $50.0 million of its outstanding common shares and expired in October 2022.
Share Performance Graph
The following graph and table compares the cumulative total shareholder return on our common share with the cumulative total return on the Russell 2000 Financial Index and S&P 500 index for the period from December 31, 2017 to December 31, 2022. The graph and table below assume that $100 was invested on the starting date and dividends, if any,
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were reinvested on the date of payment without payment of any commissions. The performance shown in the graph and table represents past performance and should not be considered an indication of future performance.
As of December 31, 2017 2018 2019 2020 2021 2022
B. Riley Financial, Inc. $ 100 $ 81 $ 154 $ 287 $ 691 $ 287
Russell 2000 Financial $ 100 $ 87 $ 104 $ 99 $ 125 $ 102
S&P 500 $ 100 $ 94 $ 121 $ 141 $ 178 $ 144
We have updated the comparative indexes in the current year due to the delisting of half of the companies in the peer group index used in prior years. These indexes were selected because their businesses and operations were comparable to ours throughout or for some portion of the five-year period presented in the chart above.
The information provided above under the heading “Share Performance Graph” shall not be considered “filed” for purposes of Section 18 of the Exchange Act or incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act.
Item 6. RESERVED
None.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.