Brief: Siebert Financial executes letter of intent with Stockcross Financial Services

Siebert Financial

08/05/2017 15:03

May 8 (Reuters) - Siebert Financial Corp  SIEB.O  : 
    * Siebert Financial Corp. executes letter of intent with 
Stockcross Financial Services 
    * After transaction, Siebert Financial will increase its 
total customer assets to over $11 billion with 11 retail 
branches nationwide 
    * Will exchange number of its shares as determined by an 
outside party, Manorhaven Capital, Llc, according to a fairness 
opinion 
    * Shares to be issued will be dilutive to all shareholders, 
including current majority shareholders 
    * To acquire approximately $4 billion in customer assets of 
its retail securities business and transfer of its sales force 
 
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