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Wednesday, Feb 28, 2024

B. Riley Runs $125 Million SPAC Offering

A subsidiary of B. Riley Financial Inc. in Woodland Hills has served as sole underwriter and book-running manager of a $125 million offering from Gordon Pointe Acquisition Corp., the company announced Thursday. B. Riley FBR Inc. sold 12.5 million for Gordon Pointe, which is a special purpose acquisition company, or SPAC. Also called a “blank check company,” a SPAC is formed to raise money for the purpose of acquiring an existing business. In the case of Gordon Pointe, management plans to focus on companies in the financial technology sector. Shares of Gordon Pointe are expected to trade on the Nasdaq under the symbol GPAQ, according to B. Riley FBR. Shares of B. Riley (RILY) closed Thursday down 15 cents or less than 1 percent to $18.90 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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