Victory Capital to Acquire Siebert Financial Corp.
Ticker: SIEB · Form: 8-K · Filed: Apr 10, 2024 · CIK: 65596
| Field | Detail |
|---|---|
| Company | Siebert Financial Corp (SIEB) |
| Form Type | 8-K |
| Filed Date | Apr 10, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, retail-brokerage
Related Tickers: VCTR
TL;DR
Victory Capital is buying Siebert Financial, expanding into retail brokerage. Deal expected Q3 2024.
AI Summary
Siebert Financial Corp. announced on April 5, 2024, that it has entered into a definitive agreement to be acquired by a subsidiary of Victory Capital Holdings, Inc. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions. This acquisition will expand Victory Capital's reach into the retail brokerage and wealth management sectors.
Why It Matters
This acquisition signifies a strategic move by Victory Capital to broaden its service offerings and market presence, potentially impacting the competitive landscape for retail brokerage services.
Risk Assessment
Risk Level: medium — The acquisition is subject to customary closing conditions and regulatory approvals, which introduces a degree of uncertainty until completion.
Key Players & Entities
- Siebert Financial Corp. (company) — Registrant being acquired
- Victory Capital Holdings, Inc. (company) — Acquiring company
- April 5, 2024 (date) — Date of the definitive agreement
- third quarter of 2024 (date) — Expected closing period for the acquisition
FAQ
What is the primary business of Siebert Financial Corp.?
Siebert Financial Corp. is involved in the retail brokerage and wealth management sectors.
Who is acquiring Siebert Financial Corp.?
A subsidiary of Victory Capital Holdings, Inc. is acquiring Siebert Financial Corp.
When is the acquisition expected to be completed?
The acquisition is expected to close in the third quarter of 2024.
What are the conditions for the acquisition to close?
The acquisition is subject to customary closing conditions.
What is the strategic benefit of this acquisition for Victory Capital?
The acquisition will expand Victory Capital's reach into the retail brokerage and wealth management sectors.
Filing Stats: 531 words · 2 min read · ~2 pages · Grade level 11.1 · Accepted 2024-04-10 15:30:29
Key Financial Figures
- $0.01 — ge on which registered Common Stock - $0.01 par value SIEB The Nasdaq Capital Mar
Filing Documents
- ea0203644-8k_siebert.htm (8-K) — 26KB
- 0001213900-24-031854.txt ( ) — 193KB
- sieb-20240405.xsd (EX-101.SCH) — 3KB
- sieb-20240405_lab.xml (EX-101.LAB) — 33KB
- sieb-20240405_pre.xml (EX-101.PRE) — 22KB
- ea0203644-8k_siebert_htm.xml (XML) — 3KB
07 Submission of Matters
Item 5.07 Submission of Matters to a Vote of Security Holders. Siebert Financial Corp. (the "Company") held its Annual Meeting of Shareholders (the "2023 Annual Meeting") on April 5, 2024. At the 2023 Annual Meeting, the following proposal was submitted by the Company's Board of Directors to a vote of the Company's shareholders and the final results of the voting on the proposal is noted below. Proposal No. 1 - The election of the persons named below as directors to hold office until the Company's annual meeting of shareholders to be held in 2024 and until his or her successor is duly elected and qualified or until his or her earlier resignation or removal. Name For Nominee Authority Withheld From Nominee Broker-Non Votes Gloria E. Gebbia 32,739,702 194,313 — John J. Gebbia 32,768,238 165,777 — Charles A. Zabatta 32,794,183 139,832 — Francis V. Cuttita 32,732.123 201,892 — Andrew H. Reich 32,739,910 194,105 — Jerry M. Schneider 32,662,759 271,256 — Hocheol Shin 32,671,600 262,415 —
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: April 10, 2024 SIEBERT FINANCIAL CORP. By /s/ John J. Gebbia John J. Gebbia Chief Executive Officer (Principal executive officer) By /s/ Andrew H. Reich Andrew H. Reich Executive Vice President, Chief Operating Officer, Chief Financial Officer, and Secretary (Principal financial and accounting officer)