Siebert and Kakaopay mutually terminate second tranche stock purchase agreement; Siebert to pay $5M settlement

SIEBERT FINANCIAL CORP

Second Stock Purchase Agreement for 25,756,470 shares terminated; no further equity issuance to Kakaopay.
Siebert will pay Kakaopay a $5M fee in ten quarterly installments starting March 29, 2024.
Kakaopay retains its 8,075,607 shares and board designation right under amended stockholders' agreement.
Amended agreement reduces Kakaopay's consent rights, giving Siebert management more operational flexibility.
Parties exchange mutual releases; no other fees or liabilities related to the SPA.

item 1.01 item 1.02 item 3.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SIEBERT FINANCIAL CORP entered into Termination and Settlement Agreement with Kakaopay Corporation, Kakaopay Securities Corp., Muriel Siebert & Co., Inc. and certain Gebbia parties valued at $5 million (effective 2023-12-19).

Action: entry
Agreement: settlement
Counterparty: Kakaopay Corporation, Kakaopay Securities Corp., Muriel Siebert & Co., Inc. and certain Gebbia parties
Value: $5 million
Effective: 2023-12-19

Exact text from the filing

On December 19, 2023, Siebert Financial Corp. (the “Company”) entered into a Termination and Settlement Agreement (the “Settlement Agreement”) with Kakaopay Corporation (“Kakaopay”), Kakaopay Securities Corp. (“Kakaopay Securities”), Muriel Siebert & Co., Inc. (“Muriel Siebert”) and certain Gebbia parties named therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SIEBERT FINANCIAL CORP terminated Second Stock Purchase Agreement with Kakaopay (effective 2023-12-19).

Action: termination
Agreement: equity purchase
Counterparty: Kakaopay
Effective: 2023-12-19

Exact text from the filing

ith Kakaopay Corporation (“Kakaopay”), Kakaopay Securities Corp. (“Kakaopay Securities”), Muriel Siebert & Co., Inc. (“Muriel Siebert”) and certain Gebbia parties named therein.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SIEBERT FINANCIAL CORP entered into Amended and Restated Stockholders’ Agreement with Kakaopay, certain stockholders listed on Schedule I thereto and John J. Gebbia (effective 2023-12-19).

Action: entry
Counterparty: Kakaopay, certain stockholders listed on Schedule I thereto and John J. Gebbia
Effective: 2023-12-19

Exact text from the filing

On December 19, 2023, the Company entered into an Amended and Restated Stockholders’ Agreement (the “A&R Stockholders’ Agreement”) with Kakaopay, certain stockholders listed on Schedule I thereto and John J. Gebbia (in his individual capacity and as representative of the Gebbia Stockholders (as defined therein)) to amend and restate the Original Stockholders’ Agreement.

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Source: SEC EDGAR

accession 0001213900-23-097133

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