Filing for Chapter 11 bankruptcy suggests that Nogin is facing significant financial challenges. This process often results in stock price decline as it may lead to restructuring, dilution of shares, or in worst-case scenarios, liquidation. The negative impact on the stock price is likely in the short term.

B. Riley Financial's involvement as a provider of debtor in possession financing could be seen as a strategic move, potentially positioning the company to have a say in Nogin's restructuring process or to acquire assets at favorable terms. However, the impact on B. Riley Financial's stock is uncertain as it depends on the outcome of the bankruptcy proceedings and the performance of the financed assets.