Siebert Financial, Kakao Pay End Second Tranche Stock-Purchase Agreement

By Sabela Ojea

Siebert Financial and South Korea mobile-payment and digital-wallet company Kakao Pay have mutually agreed to end their second tranche stock-purchase agreement.

The companies on Tuesday said the decision comes as a result of their disagreement over the ability of satisfying the closing conditions in the stock purchase agreement, among other things.

The resolution removes "any uncertainty that might have otherwise been present had this compromise not been reached," Siebert's Chairman and Chief Executive John Gebbia said.

Kakao Pay will continue to own the 8.1 million shares of Siebert common stock that it purchased from Siebert in May.

"We welcome the opportunity to continue our strategic investment in Siebert and look forward to working collaboratively with Siebert to help grow its business," Kakao Pay's CEO Won-Keun Shin said.

Write to Sabela Ojea at [e-mail]

(END) Dow Jones Newswires

12-19-23 1811ET