{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-23-097133","form_type":"8-K","ticker":"SIEB","cik":"0000065596","company_name":"SIEBERT FINANCIAL CORP","filed_at":"2023-12-20T23:59:59+00:00","discovered_at":"2026-05-14T18:03:31.749318+00:00","generated_at":"2026-06-07T10:13:43.431359+00:00","sec_items":["1.01","1.02","3.03","8.01","9.01"],"event_type":"other_material","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Siebert and Kakaopay mutually terminate second tranche stock purchase agreement; Siebert to pay $5M settlement","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-23-097133","json":"https://secwatch.observer/filing/0001213900-23-097133.json","markdown":"https://secwatch.observer/filing/0001213900-23-097133.md","text":"https://secwatch.observer/filing/0001213900-23-097133.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/ea190353-8k_siebertfin.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T10:13:43.431359+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"44eb58e0207beff094bfb47eda434d719b56e855","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"settlement"},{"label":"Counterparty","value":"Kakaopay Corporation, Kakaopay Securities Corp., Muriel Siebert & Co., Inc. and certain Gebbia parties"},{"label":"Value","value":"$5 million"},{"label":"Effective","value":"2023-12-19"}],"fact_type":"material_agreement"},{"claim_id":"bfe9c6d583e775804508db80273642bbeeaaa6c3","claim":"SIEBERT FINANCIAL CORP terminated Second Stock Purchase Agreement with Kakaopay (effective 2023-12-19).","evidence_excerpt":"ith Kakaopay Corporation (“Kakaopay”), Kakaopay Securities Corp. (“Kakaopay Securities”), Muriel Siebert & Co., Inc. (“Muriel Siebert”) and certain Gebbia parties named therein.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"termination"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Kakaopay"},{"label":"Effective","value":"2023-12-19"}],"fact_type":"material_agreement"},{"claim_id":"cde1dd6bc642540d02d93d41f097bc31a3be3d35","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Counterparty","value":"Kakaopay, certain stockholders listed on Schedule I thereto and John J. Gebbia"},{"label":"Effective","value":"2023-12-19"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}