SIEB Siebert Financial Corporation

false 0000065596 0000065596 2022-09-26 2022-09-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 26, 2022

Siebert Financial Corp.

(Exact name of registrant as specified in its charter)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock - $0.01 par value	SIEB	The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

Siebert Financial Corp. (the “Company”) is party to an agreement with a technology provider for technology development related to the Company’s online retail platforms with a term lapsing in the first quarter of 2023. On September 26, 2022, the Company and the technology provider mutually agreed to terminate the services being provided thereunder approximately six months early. Following September 26, 2022, neither the Company nor the vendor will have further obligations under the original agreement. The vendor will also return 193,906 shares of the Company’s common stock previously issued to the vendor and make a payment of $950,000 to the Company.

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: September 30, 2022	SIEBERT FINANCIAL CORP.
		By	/s/ Andrew H. Reich
		Andrew H. Reich
		Executive Vice President, Chief Operating
		Officer, Chief Financial Officer, Secretary
		and Director (Principal executive, financial
		and accounting officer)

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