Siebert Financial closes $17.36M private placement with Kakaopay for 19.9% stake

SIEBERT FINANCIAL CORP

Closed First Tranche with Kakaopay on May 18, 2023: issued 8,075,607 shares at $2.15/share.
First Tranche shares represent 19.9% of fully diluted equity of Siebert Financial.
Entered Stockholders' Agreement: board expands to 7 directors, Kakaopay designates one.
Entered Registration Rights Agreement with lock-up until earlier of Second Tranche date or termination.
Kakaopay is a fintech subsidiary of Korean conglomerate Kakao Corp.

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