B. Riley Principal 250 Merger Corp. (BRIV)

B. Riley Principal 250 Merger Corp. was a special purpose acquisition company sponsored by an affiliate of B. Riley Financial, the investment bank and diversified financial services firm. It was one of a series of B. Riley SPACs, following earlier vehicles that merged with companies such as Alta Equipment and FaZe Clan. Its units, Class A shares and warrants traded on Nasdaq, with the shares under the symbol BRIV. The money raised in its public offering was held in trust pending a deal.

The company went public in 2021, at the height of the SPAC market, with a mandate to look for an established business it could take public. As the market for SPAC mergers cooled in 2022, rising interest rates and poor post-merger performance across the sector made deals harder to complete. BRIV did not announce a definitive business combination.

In April 2023 the company said it would not complete a transaction within the time allowed by its charter and would dissolve. Public shares were cancelled at the close of business on May 4, 2023, and holders were entitled to about $10.15 per share from the trust account, after deductions for taxes and dissolution costs. The warrants expired with no value.

The company expected Nasdaq to file a Form 25 to remove its securities from listing. Its sponsor, a B. Riley affiliate, did not receive trust proceeds for its founder shares. The BRIV symbol has not been reused by a major listed company since.