Siebert Financial Corp. (NASDAQ: SIEB),
Overstock.com (OSTK: NASDAQ), and its
subsidiary tZERO and have signed a letter of intent to
enter into a partnership to offer deeply discounted online trading
in Q1 2018 when the transaction is slated to close. Under terms of
the agreement, 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.
Overstock and Siebert Financial Corp. intend to deliver
institutional quality financial services to clients, enhancing the
mutual benefits of this paradigm-changing partnership. New
customers subscribing to the discount brokerage suite of products
would be offered best-in-class services including Smart Order and
Routing and Execution services by tZERO’s broker-dealer Speedroute,
a FINRA firm, and Clearing Services through StockCross Financial
Services, a FINRA firm and affiliate of Siebert Financial
Corp.
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 evidenced by its 2017
Loyalty360 Customer Award in Operational Excellence and its six
consecutive Mobile Web Awards for its shopping apps.
Siebert Financial Corp. was founded in 1967 by Muriel Siebert,
the first woman to own a seat on the New York Stock Exchange and
the first to head one of its member firms, Muriel Siebert &
Co., Inc. Ms. Siebert was also a pioneer by transforming her firm
into a discount brokerage in 1975 on the first day NYSE members
were allowed to negotiate commissions.
Of the newly announced intended deal, Overstock CEO Patrick M.
Byrne said, “There are multiple complementary facets of the
two companies’ trading ecosystems and today they
align perfectly to deliver unmatched value to investors.
Mickie Siebert showed that women can make it big on Wall Street,
and women have always been an important part of Overstock’s success
too, so there is a correlation in our pioneering traditions. Just
last week, Overstock and its subsidiary, Medici Ventures, signed
the Parity Pledge vowing to empower women into leadership
positions. With a significant majority of Overstock’s loyal base
being women, it is our distinct honor to partner with a legendary
woman-owned firm led by Gloria E. Gebbia. Mrs. Gebbia exemplifies
all that is great about the advancement of women in leadership and
we are honored to deliver the lowest pricing to our growing user
base with such a trusted and iconic partner.”
Gloria E. Gebbia, majority shareholder and board member of
Siebert Financial said, "We are pleased to partner with Overstock
and its founder Dr. Patrick Byrne, who has been a visionary leader
in e-commerce. We continue to uphold the enduring vision and legacy
of founder Mickie Siebert with our focus on integrity and the
safety of investments, as there is no substitute for understanding
the cares and concerns of our clients. Together our efforts will be
directed towards delivering quality products and services designed
to serve the financial needs of our clients, which will always be
our top priority."
While maintaining the industry’s deepest discounts for online
trading, this partnership plans to introduce the rollout of new
products and services such as Blockchain Trading, Crypto Products,
and Robo Advisory, along with Free IRA products.
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 InvestorsThis 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.comOverstock.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
SpecialtiesOnline Trading, Corporate Services, Fixed Income,
Equities, Institutional Trading, Capital Commitment and Market
Making, Retail Investment Services.
About Medici VenturesLaunched in 2014, Medici Ventures is
a wholly owned subsidiary of Overstock.com, Inc., created to
leverage blockchain technology to solve real-world problems with
transparent, efficient and secure solutions. Medici Ventures has a
growing portfolio of groundbreaking blockchain-focused investments,
including t0.com, Peernova, Bitt, SettleMint, Factom, and
IdentityMind, Spera and Symbiont. The company’s majority-owned
financial technology company, t0.com, executed the world’s first
blockchain-based stock offering in December 2016.
About tZEROt0.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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171214005729/en/
For Siebert Financial Corp.:LHK Communications, LLCLaura
Hynes-Keller, +1-212-758-8602laurahk@lhkcommunications.comorFor
Overstock, tZERO and Medici Ventures:Alexandra
Sotiropoulos, +1 212-754-5615asotiropoulos@intermarket.com
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