Siebert Financial Corp. (NASDAQ:SIEB) today announced that it has entered into an agreement to issue shares in Siebert to Kakao Pay Corp, a fintech subsidiary of Korean-based conglomerate Kakao Corp.
Kakao Pay announced an agreement to purchase a 19.9% stake of Siebert of newly issued shares for approximately $17 million on April 27, 2023, and subject to shareholder and regulatory approval, Kakao Pay will acquire an additional 31.1% of Siebert of newly issued shares.
After the close of the second transaction, Kakao Pay will become the largest shareholder of Siebert with a total of 51% ownership of Siebert. The Gebbia family will continue to hold significant ownership, and Siebert’s current management team, led by the Gebbia family, will continue to manage the company’s operations and branch locations.
Since 2014, Kakao Pay has…
Read More
