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National Securities

National Securities Corporation

National Securities Corporation was a US independent broker-dealer founded in Seattle in 1947 that offered retail brokerage, investment banking and small and mid-cap equity research; it closed in 2022 after B. Riley Financial acquired its parent, National Holdings.

Company history

Founded in Seattle in 1947, National Securities went public in 1986 and later became the main broker-dealer of National Holdings Corporation (formerly Olympic Cascade Financial), with main offices in New York and Boca Raton. Fortress Biotech bought about 56% of National Holdings in 2016 and agreed in 2018 to sell the stake to B. Riley Financial, which bought the remaining shares in February 2021. In August 2022 the firm filed to terminate its FINRA registration and moved its 574 representatives into B. Riley Wealth Management.

  1. 1947Founded in Seattle
  2. 1986Went public
  3. 2016Fortress Biotech acquired about 56% of parent National Holdings
  4. 2018Fortress agreed to sell its stake to B. Riley
  5. 2021B. Riley completed acquisition of National Holdings
  6. 2022Broker-dealer closed; representatives moved to B. Riley Wealth

Research

National Securities published equity research alongside its investment banking, institutional sales and trading and retail brokerage businesses. Its investment banking targeted high-growth micro-, small- and mid-cap companies, and it made markets in micro- and small-cap Nasdaq stocks.

Recent actions

StockRating actionRatingDate
Oramed Pharmaceuticals Inc.ORMPReiterateBuyFeb 9, 2021
Horizon Technology Finance CorporationHRZNReiterateNeutralSep 23, 2020
The Andersons, Inc.ANDEReiterateBuyAug 26, 2020
ArrowMark Financial Corp.BANXReiterateBuyJun 16, 2020
ArrowMark Financial Corp.BANXReiterateBuyJun 16, 2020
MGP Ingredients, Inc.MGPIReiterateBuyApr 15, 2020
Mitek Systems, Inc.MITKUpgradeNeutral →BuyMar 25, 2020
Mitek Systems, Inc.MITKUpgradeNeutral →BuyMar 25, 2020
New Mountain Finance CorporationNMFCReiterateNeutralMar 6, 2020
Oaktree Specialty Lending CorporationOCSLReiterateBuyMar 6, 2020
WhiteHorse Finance, Inc.WHFDowngradeBuy →NeutralMar 3, 2020
WhiteHorse Finance, Inc.WHFDowngradeBuy →NeutralMar 3, 2020

References

  1. National Securities shuts down after 75 years, reps rolled into B. Riley - InvestmentNewsinvestmentnews.com
  2. Fortress Biotech Completes Tender Offer for Shares of National Holdings (2016)fortressbiotech.com
  3. Fortress Biotech Announces Agreement to Sell Its Majority Stake in National Holdings (2018)fortressbiotech.com
  4. B. Riley Financial Form 10-Q (Q3 2021)filecache.investorroom.com
  5. National Holdings Corporation Form 10-K (fiscal 2019) - SECsec.gov
  6. National Securities Corporation - FINRA BrokerCheckbrokercheck.finra.org