B. Riley Financial, Inc. (NASDAQ: RILY) rose sharply Tuesday, on news it will replace The Michaels Companies (NASDAQ:MIK) in S&P SmallCap 600, effective Thursday of this week.
Apollo Global Management is acquiring The Michaels Companies in a deal expected to be completed soon pending final conditions.
B Riley, earlier this month, announced shareholders of its Principal 150 Merger Corp may elect to separately trade the shares of Class A common stock and warrants included in the Units. The Common Stock and Warrants that resulting from the unit separation will trade on the Nasdaq Stock Market LLC under the symbols "BMPM" and "BRPMW", respectively. Units that are not separated will continue to trade on the NASDAQ under the symbol "BRPMU".
No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. Holders of Units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the Units into Common Stock and Warrants.
RILY shares, for their part, jumped $6.23, or 10.2%, to $67.20.
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