---
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"
generated_at: "2026-06-07T10:13:43.431359+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 1.02, 3.03, 8.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-097133
- JSON: https://secwatch.observer/filing/0001213900-23-097133.json
- Plain text: https://secwatch.observer/filing/0001213900-23-097133.txt

## Key facts
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm
- Material Agreements
  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
  source text: ith Kakaopay Corporation (“Kakaopay”), Kakaopay Securities Corp. (“Kakaopay Securities”), Muriel Siebert & Co., Inc. (“Muriel Siebert”) and certain Gebbia parties named therein.
  evidence_url: https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm
- Material Agreements
  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
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/65596/000121390023097133/0001213900-23-097133-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.