B. Riley Financial completes carve-out of B. Riley Securities; retains ~89% ownership; BRS trades OTC under BRLY

BRC Group Holdings, Inc.

BRS completed tax-free merger with Cascadia (OTC: CDIV), becoming separate entity with own governance.
BRS common stock to be quoted on OTC Pink under ticker 'BRLY'.
B. Riley Financial retains ~89% ownership; remaining shares held by BRS employees via RSAs and former Cascadia shareholders.
Andrew Moore (Chairman & Co-CEO) and James Baker (Co-CEO) appointed to lead BRS; BRS is debt-free.
BRS board: five members, four appointed by BRF; two independent directors to be appointed within 30 days.

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