– Siebert to Purchase 24% of Tigress Financial
Partners
– Tigress Financial Partners to Receive 24% of
Siebert’s Subsidiary WPS Prime Services and Shares of Siebert
Common Stock
– Incredible Partnership to Build Upon
Siebert’s Legacy While Supporting Strategic Partners in Building
Diversity Initiatives
– Tigress Financial Partners’ Cynthia DiBartolo
to Join Siebert’s Management Team at Close of Transaction
Siebert Financial Corp. (NASDAQ: SIEB)
(“Siebert”), a provider of financial services, today announced
that it has signed a non-binding letter of intent with Tigress
Holdings, LLC whereby Siebert will purchase 24% of the outstanding
membership interests in Tigress Financial Partners
(“Tigress”). Tigress is the nation's only disabled and woman-owned
financial services firm providing institutional and high net worth
investors with expertise in investment banking, capital markets,
research, corporate advisory and global trade execution services,
asset management and global wealth management.
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In exchange, Tigress will receive 24% of the outstanding
membership interests in Siebert’s subsidiary WPS Prime Services,
LLC (“WPS Prime Services”) and shares of Siebert common stock.
Cynthia DiBartolo, Esq., the founder and CEO of Tigress, will join
Siebert’s management team at the close of the transaction. The
transaction has been approved by the Boards of both companies and
is expected to close by the third quarter of 2021, subject to
additional due diligence and customary closing conditions.
Financial terms were not disclosed.
Incredible Partnership to Build Upon
Siebert’s Legacy
“We identified a perfect alignment between Siebert and Tigress
in July 2021 when Tigress became the nation's first disabled and
woman-owned floor broker and member of the NYSE in the Big Board's
229-year history,” said Gloria E. Gebbia, controlling shareholder
and board member of Siebert, the parent of WPS Prime Services.
“Muriel Siebert & Co., Inc. was founded in 1967 by the first
woman member of the NYSE, Muriel Siebert, and has been in business
longer than any other discount brokerage firm. The investment in
Tigress represents our collaboration with the ideal partner to
continue to build on Muriel Siebert’s legacy and our company’s core
values as it expands our platform and distribution capabilities
while enhancing our current relationships with vendors and
partners. We are excited to welcome Cynthia DiBartolo to the
Siebert family and look forward to partnering on initiatives to
bring true equality to women and disabled populations on Wall
Street.”
Cynthia DiBartolo commented, “Diversity and inclusion is a key
component of our mission, and we are thrilled to partner with
Siebert on this transaction. This partnership aligns two key
broker-dealers on Wall Street that have a shared culture and
mission of advancing diversity, equality and measurable impact
within the financial services industry. Prime brokerage remains a
key growth opportunity for Tigress due to the increased demand for
critical diversity accountability. WPS Prime Services has
complementary capabilities and relationships to our existing
offerings that we look to expand over time.”
Supporting Strategic Partners in
Building Diversity Initiatives
In this growing ESG environment, the investment in Tigress
reinforces Siebert’s commitment to diversity and inclusion while
continuing to align with the goals of its strategic partners. The
alternative investment industry now places a higher bar on
diversity, inclusion and equality of opportunity as a result of the
growing demand for critical diversity accountability, which is no
longer limited to transparency of diversity of ownership,
leadership and workforce of money managers, but extends to the use
and engagement of diverse professional suppliers. WPS Prime
Services holds prime clearing relationships with Goldman Sachs and
Pershing which have both been very public in their proactive
efforts to advance diversity, equity, inclusion and impact across
the financial services industry.
Similarly, Tigress takes great pride in being a strategic
diversity partner to corporate issuers, bookrunners, hedge funds
and private equity firms. Earlier this year, StoneX Group Inc., a
Fortune 100 company, recognized the strength of the Tigress brand
and selected Tigress as a strategic diversity partner and made an
investment in the firm. This investment and partnership provide
Tigress additional access to state-of-the-art infrastructure,
global financial products, and the most expansive global
distribution platform in the diversity broker-dealer sector.
Background on Cynthia
DiBartolo
Cynthia has over 35 years of experience in finance, sales, legal
and risk management. Under Cynthia’s leadership, Tigress has
evolved into a premier registered full-service broker-dealer
providing services in capital markets underwriting, investment
banking, equity research, global debt and equity securities sales
and trading, and investor services including global wealth
management and asset management. As part of her mission, Cynthia
has undertaken the responsibility of expanding opportunity for
women and the disabled in the world of banking and finance,
becoming a recognized voice with respect to advancing equality of
opportunity in the financial services sector. She has been
appointed to and serves on a number of boards in relation to her
personal and professional career including but not limited to:
Chairperson of the Rainbow PUSH Coalition Steering Committee for
Financial Services; Founder & Chairperson of the Diversity
Broker-Dealer & Asset Management Coalition; Chairperson of the
Greater New York Chamber of Commerce; Vice President of the Women's
Syndicate Association; Board of Consultors for Villanova
University, Charles Widger School of Law; and is a strategic
advisor to Wanda Durant and the Durant Center committed to
empowering women and the underserved in black and brown communities
through financial literacy. She received a Bachelor of Arts in
Political Science and Theatre from Wagner College and earned a
Juris Doctorate from Villanova University, School of Law.
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 Siebert Financial Corp.
Siebert Financial Corp. is a holding company that conducts its
retail brokerage business through its wholly-owned subsidiary,
Muriel Siebert & Co., Inc., which became a member of the New
York Stock Exchange ("NYSE") in 1967 when Ms. Siebert became the
first woman to own a seat on the NYSE and the first to head one of
its member firms. Siebert conducts its investment advisory business
through its wholly-owned subsidiary, Siebert AdvisorNXT, Inc., a
registered investment advisor, and its insurance business through
its wholly-owned subsidiary, Park Wilshire Companies, Inc., a
licensed insurance agency. Siebert conducts operations through its
wholly-owned subsidiary, Siebert Technologies, LLC., a developer of
robo-advisory technology. Siebert also offers prime brokerage
services through its fifth wholly-owned subsidiary, WPS Prime
Services, LLC, a broker-dealer registered with the SEC. Siebert is
headquartered in New York City with offices throughout the
continental U.S. More information is available at
www.siebert.com.
About Tigress Financial Partners
Tigress Financial Partners is the nation’s only disabled and
woman-owned financial services firm providing institutional and
high net worth investors with expertise in investment banking,
capital markets, research, corporate advisory and global trade
execution services, asset management and global wealth management.
Tigress Financial Partners LLC is a national certified Woman-Owned
Business Enterprise, Member FINRA, SEC and MSRB. For further
information about Tigress Financial Partners, please visit:
www.tigressfp.com.
Forward-Looking Statements
The statements contained in this press release, that are not
historical facts, including statements about our beliefs and
expectations, are “forward-looking statements” within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements preceded by, followed
by or that include the words “may,” “could,” “would,” “should,”
“believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,”
“project,” “intend” and similar words or expressions. In addition,
any statements that refer to expectations, projections, or other
characterizations of future events or circumstances are
forward-looking statements.
These forward-looking statements, which reflect our management’s
beliefs, objectives, and expectations as of the date hereof, are
based on the best judgment of our management. All forward-looking
statements speak only as of the date on which they are made. Such
forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: economic,
social and political conditions, global economic downturns
resulting from extraordinary events such as the COVID-19 pandemic
and other securities industry risks; interest rate risks; liquidity
risks; credit risk with clients and counterparties; risk of
liability for errors in clearing functions; systemic risk; systems
failures, delays and capacity constraints; network security risks;
competition; reliance on external service providers; new laws and
regulations affecting our business; net capital requirements;
extensive regulation, regulatory uncertainties and legal matters;
failure to maintain relationships with employees, customers,
business partners or governmental entities; the inability to
achieve synergies or to implement integration plans and other
consequences associated with risks and uncertainties detailed in
our filings with the SEC, including our most recent filings on
Forms 10-K and 10-Q. We caution that the foregoing list of factors
is not exclusive, and new factors may emerge, or changes to the
foregoing factors may occur, that could impact our business. We
undertake no obligation to publicly update or revise these
statements, whether as a result of new information, future events
or otherwise, except to the extent required by the federal
securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20210823005174/en/
Investor Relations Alex Kovtun and Matt Glover Gateway
Group, Inc. 949-574-3860 sieb@gatewayir.com
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