NASDAQ:SIEB | Jotup

Siebert Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Annual Report on Form 10-K

Retrieved on:

Wednesday, April 24, 2024

Banking, Accounting, Professional Services, Finance, Annual report, Security (finance), Communication, Notice, File, Calendar, Cryptocurrency

Based on discussions with the Company’s auditors, the Company expects to file its 2023 10-K with an unqualified audit opinion before the prescribed due date to comply with the Nasdaq Listing Rule for continued listing.

Key Points:

Based on discussions with the Company’s auditors, the Company expects to file its 2023 10-K with an unqualified audit opinion before the prescribed due date to comply with the Nasdaq Listing Rule for continued listing.
The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq.
Nasdaq has provided the Company with 60 calendar days, until June 17, 2024, to submit a plan to regain compliance.
If Nasdaq accepts the Company's plan, then Nasdaq may grant the Company up to 180 days from the prescribed due date for the filing of the 2023 10-K, or October 14, 2024, to regain compliance.

Siebert Financial and Kakao Pay Mutually Agree to Terminate Stock Purchase Agreement

Retrieved on:

Tuesday, December 19, 2023

Professional Services, Payments, Other Professional Services, Technology, Finance, Banking, Accounting, SPA, KakaoPay, KOSPI, Cryptocurrency

Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”) and Kakaopay Corporation (KOSPI: 377300) (“Kakao Pay”) today announced that they have entered into a mutual agreement to terminate the previously announced Second Tranche Stock Purchase Agreement that they entered into on April 27, 2023 (the “SPA”).

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB) (“Siebert”) and Kakaopay Corporation (KOSPI: 377300) (“Kakao Pay”) today announced that they have entered into a mutual agreement to terminate the previously announced Second Tranche Stock Purchase Agreement that they entered into on April 27, 2023 (the “SPA”).
Under the terms of the parties’ agreement, Kakao Pay will continue to own the 8,075,607 shares of Siebert common stock that it purchased from Siebert in May 2023, and retain its right under a separate stockholders’ agreement to designate one director to Siebert’s board of directors, subject to certain conditions.
Siebert will make a payment to Kakao Pay as a settlement fee, payable in installments beginning on March 29, 2024.
“After careful consideration we believe the decision to terminate the stock purchase agreement is in the long-term interest of Siebert and our stockholders.

Siebert Reports Third Quarter 2023 Financial Results

Retrieved on:

Monday, November 13, 2023

Professional Services, Finance, Communication, First Franklin Financial Corp., Growth, CFO, Shanghai World Financial Center, Environment, Cryptocurrency

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the third quarter ended September 30, 2023.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the third quarter ended September 30, 2023.
We enter the fourth quarter with great momentum and a tremendous opportunity for Siebert to capture opportunities in the current market environment while creating long-term shareholder value.”
Andrew Reich, CFO of Siebert, commented: “We delivered another quarter of strong results as our business continues to benefit from improved market conditions along with the rise in interest rates.
During the quarter we also delivered an improvement to both our pretax income and margins as we continue to improve profitability.
We continue to benefit from the growth in capital along with the interest rate environment and expect those trends to continue in the fourth quarter.

Siebert Reports Second Quarter 2023 Financial Results

Retrieved on:

Monday, August 7, 2023

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the second quarter ended June 30, 2023.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the second quarter ended June 30, 2023.
Kakao Pay intends to acquire an additional 31.1% of Siebert of newly issued shares for approximately $60.5 million, subject to shareholder and regulatory approval.
Signed a five-year lease in the World Financial Center in New York City, expanding presence in New York and providing savings on occupancy costs
"I am excited to be leading Siebert during this pivotal time and am proud to report incredible results for the first quarter leading as CEO,” said John J. Gebbia, CEO of Siebert.
The additional capital from the Kakao Pay investment was immediately deployed and we are already seeing a positive contribution to our financial results.

Siebert Announces Chairman and CEO Appointment, New Board Member, and Close of Kakao Pay’s $17.4 Million Investment in Siebert

Retrieved on:

Tuesday, May 30, 2023

Mr. Gebbia has been a member of Siebert’s Board of Directors since 2020 and served as a special advisor to Siebert’s Board of Directors from 2017 - 2020.

Key Points:

Mr. Gebbia has been a member of Siebert’s Board of Directors since 2020 and served as a special advisor to Siebert’s Board of Directors from 2017 - 2020.
Siebert also announced that Simon Shin has been appointed to Siebert’s Board of Directors as part of the recently announced investment by Kakao Pay in Siebert, and that the $17.4 million investment from Kakao Pay closed on May 18, 2023.
Mr. Shin from Kakao Pay is an accomplished executive with global experience and adds significant strength and depth to our Board of Directors.
“I look forward to working closely with the new CEO, John J. Gebbia, and other members of Siebert’s Board of Directors to maximize the synergies between Kakao Pay and Siebert.

Siebert Achieves Strong 2023 Q1 Results

Retrieved on:

Monday, May 15, 2023

Professional Services, Insurance, Finance, Asset Management, Fintech, Banking, Accounting, Communication, Partnership, Kakao, Result, Financial condition report, KakaoPay, Security (finance), Analysis, CFO, Ajaxo Inc. v. E*Trade Financial Corp., Airline, Siebert

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the first quarter ended March 31, 2023.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the first quarter ended March 31, 2023.
“We are extremely excited about our results in the first quarter of 2023 and our new partnership with Kakao Pay” said Gloria E. Gebbia, controlling shareholder and board member of Siebert.
“We welcome this strong start to 2023 with great results from our current business lines and the beginning of our partnership with one of the leading global financial services innovators to expand our reach and enhance our offerings.
Our Securities Finance division continues to be a strong business line with another great quarter of results as well.

Global Fintech Innovator Kakao Pay Makes Investment In Siebert Financial Corp.

Retrieved on:

Thursday, April 27, 2023

Professional Services, Other Professional Services, Finance, Fintech, Banking, Accounting, Communication, Kakao, Ajaxo Inc. v. E*Trade Financial Corp., KakaoPay, Partnership, Cryptocurrency, Siebert

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”) today announced that it has entered into an agreement to issue shares in Siebert to Kakao Pay Corp. (“Kakao Pay”), a fintech subsidiary of Korean-based conglomerate Kakao Corp.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”) today announced that it has entered into an agreement to issue shares in Siebert to Kakao Pay Corp. (“Kakao Pay”), a fintech subsidiary of Korean-based conglomerate Kakao Corp.
Kakao Pay announced an agreement to purchase a 19.9% stake of Siebert of newly issued shares for approximately $17 million on April 27, 2023, and subject to shareholder and regulatory approval, Kakao Pay will acquire an additional 31.1% of Siebert of newly issued shares.
After the close of the second transaction, Kakao Pay will become the largest shareholder of Siebert with a total of 51% ownership of Siebert.
The senior management teams at Siebert and Kakao Pay have a shared vision that supports each firm’s strategic direction.
Since 2014, Kakao Pay has served the Korean market including online/offline payment, money transfer, investing, membership, bill payment, and authentication services.

Siebert Reports Fourth Quarter and Full Year 2022 Financial Results

Retrieved on:

Wednesday, March 29, 2023

Professional Services, Finance, Result, Financial condition report, CFO, Growth, Communication, Analysis, Green Tree Financial Corp.-Ala. v. Randolph, Environment, Security (finance), Cryptocurrency, Bank, Renewable energy, Miami metropolitan area

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the fourth quarter and full year ended December 31, 2022.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (“Siebert”), a diversified provider of financial services, today reported financial results for the fourth quarter and full year ended December 31, 2022.
Siebert achieved pretax income of $4.3 million in 2022 excluding these items.
Our Securities Finance division delivered 22% topline growth in 2022 and remains a key growth driver for Siebert.
Management’s Discussion and Analysis of Financial Condition and Results of Operations for further detail.

Siebert Reports Third Quarter 2022 Financial Results

Retrieved on:

Monday, November 14, 2022

Siebert Financial Corp. (NASDAQ: SIEB ) (Siebert), a mission-driven provider of financial services, today reported financial results for the third quarter ended September 30, 2022.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (Siebert), a mission-driven provider of financial services, today reported financial results for the third quarter ended September 30, 2022.
Andrew Reich, CFO of Siebert, commented: We delivered another quarter of solid financial results as our business has adapted to challenging market conditions.
Operating income for the third quarter grew 27% year-over-year and included a temporary unrealized loss of $1.4 million on our U.S. government securities portfolio compared to $0.6 million in the second quarter of 2022.
Siebert operates through its subsidiaries Muriel Siebert & Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc., Rise Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd.

Siebert Reports Second Quarter 2022 Financial Results

Retrieved on:

Monday, August 15, 2022

Siebert Financial Corp. (NASDAQ: SIEB ) (Siebert), a mission-driven provider of financial services, today reported financial results for the second quarter ended June 30, 2022.

Key Points:

Siebert Financial Corp. (NASDAQ: SIEB ) (Siebert), a mission-driven provider of financial services, today reported financial results for the second quarter ended June 30, 2022.
The diversity of our business resulted in improved financial results relative to last quarter as clients turned to us for our expertise and guidance in this volatile environment.
Andrew Reich, CFO of Siebert, commented: We delivered solid results this quarter despite continued pressure from challenging market conditions.
Siebert operates through its subsidiaries Muriel Siebert & Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc., Rise Financial Services, LLC, Siebert Technologies, LLC and StockCross Digital Solutions, Ltd.