B. Riley To Acquire Fortress Biotech, Inc.'s 56.1% Stake In National Holdings

(RTTNews) - National Holdings Corp. (NHLD) announced that B. Riley Financial, Inc. (RILY), through a wholly owned subsidiary, has entered into an agreement to acquire Fortress Biotech, Inc.'s (FBIO) majority stake in National. B. Riley has purchased 24 percent of National Holdings' outstanding shares at $3.25 per share. The remaining 32.1 percent of National Holdings' shares owned by Fortress Biotech will be purchased at the same per-share price by B. Riley Financial, or its designee, following FINRA approval, for an aggregate purchase price totaling approximately $22.9 million.

Bryant Riley, co-CEO of B. Riley Financial stated, "The opportunity to strategically invest in a growing business, below book value and near cash value, is in my view, an excellent investment for our stakeholders. National's meaningful financial services platform includes over 700 registered advisors and tax professionals, servicing over 90,000 customer accounts and manages in excess of $12 billion of client's assets, which I believe positions the company very well for success. Additionally, National has a growing investment banking business and strong distribution capabilities that we believe complements our own banking capabilities and we look forward to partnering with them on future transactions."