Siebert Financial Corp. on Dec. 31, 2019, entered into an agreement under which it acquired all of the issued and outstanding StockCross Financial Services Inc. common shares owned by StockCross Financial Services' shareholders in exchange for a total of 3,298,774 Siebert Financial common shares.
StockCross Financial Services merged with and into Muriel Siebert & Co. Inc., a wholly owned subsidiary of Siebert Financial, effective Jan. 1. Prior to the merger, Muriel Siebert owned 15% of StockCross Financial Services' issued and outstanding common shares, and the two companies were affiliated entities through common ownership, according to a filing.
The issuance of the Siebert Financial shares pursuant to the merger agreement is subject to shareholder approval. Siebert Financial noted in a filing that it has received the written consent of a majority of shareholders to the issuance and is in the process of filing an information statement with the SEC notifying the company's other shareholders of the action.
The stock to be issued pursuant to the agreement will be held in escrow until no earlier than 20 days after the information statement is first transmitted to Siebert Financial shareholders.