LOS ANGELES, May 24, 2016 /PRNewswire/ -- B. Riley
& Co., LLC (B. Riley), a leading full service independent
investment bank and a wholly-owned subsidiary of B. Riley
Financial, Inc. (NASDAQ: RILY), has acted as the
placement agent in the $10.2 million
Series A Preferred Stock Financing for Finjan Holdings,
Inc., a leading cybersecurity company.
The financing, which closed May 20,
2016, consisted of 102,000 shares of the company's Series A
Preferred Stock at a purchase price of $100.00 per share, for aggregate proceeds of
$10.2 million. The Series A Preferred
Stock contains certain optional and mandatory redemptive
provisions, does not accrue an annual cash dividend, and carries
participation rights in certain of the company's revenue streams
until securities are retired.
"This non-convertible Series A financing is our first capital
raise since becoming public and offers confidence in the foundation
of Finjan's historical results and the promising future ahead,"
said Phil Hartstein, President and
CEO of Finjan Holdings. "The investment flows directly onto
our balance sheet and ensures we continue to operate our business
and pursue licensing and enforcement efforts at a vigorous
pace."
B. Riley's banking team consisted of Salomon Kamalodine,
managing director of investment banking and analyst Erik Bullock. The team was assisted by
Michael Guzman, senior managing
director of corporate and venture services.
"This financing underscores the strength of Finjan's
battle-tested cybersecurity IP and positions the company to
capitalize on the momentum gained from multiple favorable legal
developments over the past 24 months," said Salomon Kamalodine,
managing director of B. Riley's investment banking practice.
"Additionally, the funding places Finjan on a stronger footing to
pursue its growing licensing pipeline."
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Finjan Holdings
Established nearly 20 years ago,
Finjan is a globally recognized leader in cybersecurity. Finjan's
inventions are embedded within a strong portfolio of patents
focusing on software and hardware technologies capable of
proactively detecting previously unknown and emerging threats on a
real-time, behavior-based basis. Finjan continues to grow through
investments in innovation, strategic acquisitions, and partnerships
promoting economic advancement and job creation. For more
information, please visit www.finjan.com.
About B. Riley & Co.
B. Riley & Co., LLC is a
leading investment bank which provides corporate finance, research,
and sales & trading to corporate, institutional and high net
worth individual clients. Investment banking services include
initial, secondary and follow-on offerings, institutional private
placements, and merger and acquisitions advisory services. The firm
is nationally recognized for its highly ranked proprietary equity
research. B. Riley & Co., LLC is a member of FINRA and SIPC.
For more information, please visit www.brileyco.com.
B. Riley Financial, Inc. (NASDAQ: RILY) provides collaborative
financial services and solutions through several subsidiaries,
including: Great American Group, LLC, a leading provider of
advisory and valuation services, asset disposition and auction
solutions; B. Riley Capital Management, LLC, an SEC registered
Investment Advisor, which includes B. Riley Asset Management, a
provider of investment products to institutional and high net worth
investors, and B. Riley Wealth Management (formerly MK Capital
Advisors), a multi-family office practice and wealth management
firm focused on the needs of ultra-high net worth individuals and
families; and Great American Capital Partners, a provider of senior
secured loans and second lien secured loan facilities to middle
market public and private U.S. companies. B. Riley Financial, Inc.
is headquartered in Los Angeles
with offices in major financial markets throughout the United States and Europe. For more information on B. Riley
Financial, Inc., please visit www.brileyfin.com.
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