Siebert Financial exchanges $2.88M debt for 24% stake in RISE Financial; repays additional $1M

SIEBERT FINANCIAL CORP

Director Gloria Gebbia converted $2.88M in loans into a 24% membership interest in RISE Financial Services, LLC.
Siebert's remaining ownership in RISE drops to 49.08% after the exchange.
Siebert also repaid $1M of Gebbia's loans in cash in two installments (Mar 31 and Apr 5, 2022).
Remaining debt to Gebbia stood at $120,000 as of April 6, 2022.
Transaction based on independent fairness opinion from Nov 2021 related to prior Tigress Holdings deal.

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