Updates
** Shares of investment bank B. Riley Financial RILY.O jump as much as 20.8%, last up 14.3% at $6.15
** RILY says it has entered exclusive with a global asset manager to sell a 53% stake in its Great American Group unit in a deal that values the business at $380 mln
** Separately, RILY has entered into a -binding commitment for debt financing of B. Riley and bebe stores businesses, which could generate about $236 mln in proceeds
** RILY expects $410 mln in proceeds from both transactions, which will be mainly used to cut about $125 mln debt owed to Nomura by 2024-end
** The Los Angeles, California-based bank has been in a turmoil after it suspended its dividend last month and warned of a Q2 loss in the range of $435 mln to $475 mln
** About 77% of RILY's free float is sold short - LSEG data
** As of previous close, RILY shares down 74.4% this year
(Reporting by Arasu Kannagi Basil in Bengaluru)