Kennedy Cabot Acquisition, LLC, majority owner of Siebert
Financial Corp. (NASDAQ:SIEB), and StockCross Financial Services,
Inc. recently announced its intended investment and licensing
definitive LOI agreements with Overstock.com, Inc. (OSTK), and its
blockchain subsidiary tZERO.
Leading Los Angeles-based law firm Mitchell Silberberg &
Knupp LLP has been selected for M&A advisory services to
complete the transactions. The MSK team is led by Les Gold and
Anthony A. Adler, MSK partners through their professional
corporations.
This month Siebert Financial Corp., Overstock.com, and its
subsidiary tZERO signed a letter of intent to enter into an
agreement to offer deeply discounted online trading in Q1 2018 when
the transaction is slated to close. In other announcements, tZERO,
as the subsidiary of Overstock.com, signed letters of intent
to take a 1 percent stake in Kennedy Cabot Acquisition, LLC, and a
24 percent interest in StockCross.
Under terms of the Siebert agreement with Overstock and tZERO,
any investor in America who accesses the Muriel Siebert & Co.
Inc. portal at Overstock would be able to conduct online trading of
US equities for $2.99 per trade through the platform. In addition,
Overstock plans to introduce a new tier to its Club O loyalty and
membership rewards program to offer that elite membership level the
opportunity for online trading at an even deeper discount of $1.99
per trade. For years, millions of consumers have trusted Overstock
with home, and more recently, auto purchases. Overstock currently
delivers world-class service and award-winning customer experiences
to over 30 million shoppers per month, as demonstrated by its 2017
Loyalty360 Customer Award in Operational Excellence and its six
consecutive Mobile Web Awards for its shopping apps.
New customers subscribing to the discount brokerage suite of
products would be offered industry leading services including Smart
Order and Routing and Execution services by tZERO’s broker-dealer
Speedroute, a FINRA firm, and Clearing Services through StockCross,
a FINRA firm and affiliate of Siebert Financial Corp., a member of
the New York Stock Exchange.
Gloria E. Gebbia, board member and managing member of Kennedy
Cabot Acquisition, LLC, the majority shareholder of Siebert
Financial Corp., and board member of Siebert Financial said, “We
are pleased to have MSK represent us in these planned transactions,
and especially appreciate its commitment to diversity. With our
planned agreement with Overstock and tZERO, we see excellent
opportunities to accelerate our strategy. Siebert Financial is
built upon the strong values exemplified by our founder Muriel
Siebert. Our goal is to provide best-in-class services at
tremendous value to Overstock’s massive customer base, many of whom
are women, while building relationships based on trust and their
unique set of life circumstances.”
About Kennedy Cabot Acquisition, LLC
Kennedy Cabot Acquisition, LLC is a Nevada limited liability
company. The principals of Kennedy Cabot Acquisition have
substantial experience in the brokerage industry and are/were
affiliates of StockCross Financial Services, Inc. StockCross is a
broker-dealer member of FINRA with offices across the United
States.
Cautionary note regarding forward-looking statements
This communication contains "forward-looking statements" (as
defined in the Securities Litigation Reform Act of 1995) regarding,
among other things, future events. Words such as "anticipate,"
"expect," "intend," "believe," and words and terms of similar
substance used in connection with any discussion of future plans,
actions or events identify forward-looking statements.
Forward-looking statements relating to the proposed transactions
include, but are not limited to: statements about the benefits of
the proposed transactions; Siebert's and Kennedy Cabot
Acquisition's plans, objectives, expectations and intentions; the
expected timing of completion of the proposed transactions; and
other statements relating to the transactions that are not
historical facts. Forward-looking statements are based on
information currently available to Siebert and Kennedy Cabot
Acquisition, as the case may be, and involve estimates,
expectations and projections. Investors are cautioned that all such
forward-looking statements are subject to risks and uncertainties,
and important factors could cause actual events or results to
differ materially from those indicated by such forward-looking
statements. With respect to the proposed transactions between
Siebert and Kennedy Cabot Acquisition, these risks and factors
could include, but are not limited to: securing regulatory
approval; the risk that a condition to closing may be delayed or
may not be satisfied; the diversion of management time on
transaction-related issues; changes in the general economic
environment, or social or political conditions, that could affect
the business of Siebert and its subsidiaries; and the potential
impact of the announcement or consummation of the proposed
transactions on relationships with customers, competitors,
management and other employees.
About Siebert Financial Corp.
Siebert Financial is a holding company that conducts its retail
discount brokerage business through its wholly-owned subsidiary,
Muriel Siebert & Co., Inc. The firm became a member of the NYSE
in 1967, when Ms. Siebert became the first woman to own a seat on
the Exchange. In addition, in 2014 the Company began business as a
registered investment advisor through a wholly-owned subsidiary,
Siebert Investment Advisors, Inc. Siebert Financial, based on Wall
Street in New York City, serves clients through its branch offices
located nationwide and globally online. www.siebertnet.com
Cautionary note regarding forward-looking statements
Statements in this press release that are not statements of
historical or current fact constitute “forward looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward looking statements involve risks and
uncertainties and known and unknown factors that could cause the
actual results of the Siebert Financial Corp. (the “Company”) to be
materially different from historical results or from any future
results expressed or implied by such forward looking statements,
including without limitation: changes in general economic and
market conditions; changes and prospects for changes in interest
rates; fluctuations in volume and prices of securities; changes in
demand for brokerage services; competition within and without the
brokerage business, including the offer of broader services;
competition from electronic discount brokerage firms offering
greater discounts on commissions than the Company; the prevalence
of a flat fee environment; limited trading opportunities; the
method of placing trades by the Company’s customers; computer and
telephone system failures; the level of spending by the Company on
advertising and promotion; trading errors and the possibility of
losses from customer non-payment of amounts due; other increases in
expenses and changes in net capital or other regulatory
requirements. As a result of these and other factors, the Company
may experience material fluctuations in its operating results on a
quarterly or annual basis, which could materially and adversely
affect its business, financial condition, operating results, and
stock price, as well as other risks detailed in the Company’s
filings with the Securities and Exchange Commission (“SEC”).
Accordingly, investors are cautioned not to place undue reliance on
any such “forward-looking statements.” The Company undertakes no
obligation to update the information contained herein or to
publicly announce the result of any revisions to such
“forward-looking statements” to reflect future events or
developments. An investment in the Company involves various risks,
including those mentioned above and those, which are detailed from
time to time in the Company’s SEC filings, copies of which may be
obtained from the Company or through the SEC’s website.
Notice to Investors
This communication is provided for informational purposes only
and is neither an offer to sell nor a solicitation of an offer to
buy any securities in the United States or elsewhere.
About Overstock.com
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A
Preferred (Medici Ventures’ t0 platform: OSTKP) / Series B
Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake
City, Utah that sells a broad range of products at low prices,
including furniture, décor, rugs, bedding,
and home improvement. In addition to home goods, Overstock.com
offers a variety of products including jewelry, electronics,
apparel, and more, as well as a marketplace providing customers
access to hundreds of thousands of products from third-party
sellers. Additional stores include Worldstock.com, dedicated to
selling artisan-crafted products from around the world. Forbes
ranked Overstock in its list of the Top 100 Most Trustworthy
Companies in 2014. Overstock regularly posts information about the
company and other related matters under Investor Relations on its
website, http://www.overstock.com.
About StockCross Financial Services, Inc.
StockCross Financial Services, Inc. is one of the largest
privately-owned brokerage firms in the nation. Established in 1971,
it has spent many years providing financial guidance and excellent
customer service to its clients. Branch offices are located
throughout the nation and are staffed with knowledgeable and
experienced representatives. Online investment services and phone
support offer clients around the world instant and current
information on their accounts. StockCross consistently delivers on
its full scope of offerings including fixed-income products, online
or broker-assisted equity trading, ESOS/ESOP programs across the
globe through advanced online trading capabilities, and is a
self-clearing firm specializing in fixed income securities,
outstanding customer service, and client investment choices.
StockCross is headquartered in Beverly Hills. Member FINRA | SIPC |
EST. 1971
Specialties
Online Trading, Corporate Services, Fixed Income, Equities,
Institutional Trading, Capital Commitment and Market Making, Retail
Investment Services.
About tZERO
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of
Overstock.com, focusing on the development and commercialization of
financial technology (FinTech) based on cryptographically-secured,
decentralized ledgers – more commonly known as blockchain
technologies. Since its inception, tZERO has pioneered the effort
to bring greater efficiency and transparency to capital markets
through the integration of blockchain technology. More information
is available at tZERO.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171229005235/en/
For Kennedy Cabot Acquisition, LLC and Siebert Financial
Corp.:LHK Communications, LLCLaura Hynes-Keller,
+1-212-758-8602laurahk@lhkcommunications.com
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