Financial Gravity Companies, Inc. completed the acquisition of Presidential Brokerage, Inc.
May 20, 2020
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Financial Gravity Companies, Inc. (OTCPK:FGCO) entered into a definitive agreement to acquire Presidential Brokerage, Inc. for $20.6 million on September 30, 2019. Pursuant to the terms, Financial Gravity will issue 45.79 million shares as a consideration, assume approximately $0.86 million of Presidential Brokerage debt and will receive approximately $1.22 million in Presidential Brokerage assets.
Scott Winters will continue to serve as CEO and Co-Chairman of the Board of Financial Gravity and, in addition, Scott will take on the role of Executive Director at Presidential. Any additions to the executive team for the combined company will be announced during the transition period, but no later than transaction closing. The transaction is subject to shareholder approval, receipt of regulatory approvals and other customary closing conditions. As per filing on May 29, 2020 the transaction is subject to stockholders approval of Forta Financial Group and Financial Gravity Wealth, Inc. a subsidiary of Financial Gravity Companies. Under the terms of the agreement, which has been unanimously approved by the Board of Directors at both Presidential Brokerage and Financial Gravity Companies. The merger was approved by FINRA on April 27, 2020. The transaction is expected to close prior to year-end 2019. As of May 29, 2020, the transaction is expected to close prior to June 1, 2020. Roger A. Crabb of Scheef & Stone, LLP acted as legal advisor for Financial Gravity Companies.
Financial Gravity Companies, Inc. (OTCPK:FGCO) completed the acquisition of Presidential Brokerage, Inc. on May 21, 2020. Pursuant to the merger agreement, the shares of Forta Financial Group common stock issued and outstanding immediately prior to the closing were automatically converted into and exchangeable for fully paid and no assessable shares of Financial Gravity common stock (45,785,879 in total). On May 21, 2020, Jennifer Winters was appointed as Chief Operating Officer of the resulting issuer to supplement her current roles as both a Director and Corporate Secretary
Financial Gravity Companies, Inc., along with its subsidiary companies, provides investment and tax professionals with a turnkey family office charter. It helps tax professionals evolve from the commoditized business of tax compliance to a Family Office Director that runs and manages their own multi-family office. Its subsidiaries include Financial Gravity Asset Management, Inc. (FGAM), Financial Gravity Enhanced Markets, LLC (FGEM), Tax Master Network (TMN), and Financial Gravity Family Office Services, LLC (FGFOS). FGAM is a registered investment advisor (RIA) that provides asset management services to individuals and businesses. FGEM is an insurance marketing organization and provides insurance products and services to insurance agencies. TMN provides tax services, including its Tax Blueprint system, which identifies strategies for lowering the client's taxes. FGFOS is an RIA that offers financial planning, and wealth management services to clients through investment advisors.
FINANCIAL GRAVITY COMPANIES, INC. 
