Item 2.01 Completion of Acquisition or Disposition of Assets
On March 31, 2022, Gloria E. Gebbia entered into a certain Debt Exchange
Agreement with Siebert Financial Corp. (the "Company") pursuant to which she
converted $2,880,000 in outstanding loans she had made to the Company in
exchange for limited liability membership interests in RISE Financial Services,
LLC, a Delaware corporation ("RISE Financial") held by the Company. The
interests in RISE Financial sold to Ms. Gebbia (the "RISE Financial Interests")
represents 24% of the outstanding limited liability company membership interests
in RISE Financial. The purchase price for the RISE Financial Interests was
based, in part, on the independent fairness opinion, dated November 11, 2021
rendered in connection with the previously reported transaction with Tigress
Holdings, LLC. Following the exchange, the remaining ownership interest in RISE
Financial held by the Company will be 49.08%. Ms. Gebbia is a director of the
Company and wife of director John J. Gebbia.
In addition, the Company repaid to Ms. Gebbia in cash an additional $1,000,000
of her outstanding loans to the Company in two equal installments on March 31,
2022 and April 5, 2022. The remaining debt to Ms. Gebbia as of April 6, 2022 is
$120,000.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description of Exhibit
10.24 Debt Exchange Agreement, dated March 31, 2022
104 Cover Page Interactive Data File (embedded with Inline XBRL document).
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