Siebert Financial enters debt exchange agreement with board member

Gloria Gebbia on March 31 entered into a debt exchange agreement with Siebert Financial Corp., pursuant to which she converted nearly $2.9 million in outstanding loans she had made to the company in exchange for limited liability membership interests in RISE Financial Services LLC.

Gebbia is a director of Siebert Financial and wife of director John Gebbia. The interests in RISE Financial Services sold by Siebert Financial to Gloria Gebbia represents 24% of the outstanding limited liability company membership interests in RISE Financial Services. The purchase price was based, in part, on the independent fairness opinion dated Nov. 11, 2021, rendered in connection with the previously reported transaction with Tigress Holdings LLC.

Following the exchange, Siebert Financial's remaining ownership interest in RISE Financial Services will be 49.08%, according to a filing.

In addition, Siebert Financial repaid in cash an additional $1 million of Gloria Gebbia's outstanding loans to the company in two equal installments on March 31 and April 5. The remaining debt to Gebbia as of April 6 is $120,000.