Siebert Financial Corp. and Kennedy Cabot Acquisition Announce Completion of Definitive Agreement

12/18/16

NEW YORK & BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ:SIEB) and Kennedy Cabot Acquisition, LLC announced the completion of the definitive agreement under which Kennedy Cabot Acquisition acquired approximately 87.5% of the outstanding common stock of Siebert Financial Corp from the Estate of Muriel F. Siebert. The stock acquisition follows the September 2, 2016 announcement between the two firms. Siebert Financial is the owner of Muriel Siebert & Co, Inc, the broker-dealer founded in 1967 by the late Muriel F. “Mickie” Siebert, the first woman to own a seat on the New York Stock Exchange and the first woman to head a NYSE member firm.

Kennedy Cabot Acquisition also purchased all of the outstanding common stock of Siebert Financial Corp tendered in response to a tender offer by Kennedy Cabot Acquisition that expired on December 15, 2016. The tender offer purchase included all of the shares held by Muriel F. Siebert Foundation, Inc. The approximately 2.5% of outstanding common stock owned by the Foundation, combined with the Estate’s shares and other shares tendered, makes Kennedy Cabot Acquisition holder of more than 90% of Siebert Financial Corp.

Siebert Financial paid a dividend to all Siebert Financial shareholders in the amount of approximately $0.20 per share on October 24, 2016.

Jane Macon, the Chairwoman of Siebert Financial said, “We are pleased that the enduring vision and legacy first established by Mickie Siebert nearly fifty years ago will continue into the future.”

Gloria E. Gebbia, the owner and managing member of Kennedy Cabot Acquisition said, “By bringing our strong and experienced management team to Siebert Financial Corp., we plan to further strengthen the customer experience and expand to a world-class financial firm.”

The acquisition was approved by the Financial Industry Regulatory Authority (FINRA).

Siebert Financial’s principal activity is providing online and traditional discount brokerage and related services to retail investors through the broker-dealer, and serves as a registered investment advisor through its Siebert Investment Advisors business unit.

Siebert Financial considered the sale to Kennedy Cabot Acquisition to be the strongest strategic alternative to continue the company and maximize shareholder value in the wake of the 2013 passing of Muriel F. “Mickie” Siebert, Siebert Financial’s founder and former Chairwoman, President and Chief Executive Officer.

Kennedy Cabot Acquisition plans to continue to build upon the strong existing foundation at Siebert Financial to further strengthen the customer experience. The acquisition agreement does not provide for the merger of Siebert Financial with or into Kennedy Cabot Acquisition.

Gloria E. Gebbia is the owner and managing member of Kennedy Cabot Acquisition. Mrs. Gebbia and her family are the majority owners of StockCross Financial Services, Inc. The Gebbia family has been successfully involved with financial services companies since the early 1970's and during such time they built a broker-dealer into a national brand, which they sold to Toronto Dominion Bank in 1997. Mrs. Gebbia is also the President of the Associates for Breast and Prostate Cancer Studies which raises funds for the John Wayne Cancer Institute. Through Mrs. Gebbia’s leadership since 1998 over $14 million has been raised for cancer research studies.

About Siebert Financial Corp.

Siebert Financial is a holding company that conducts its retail discount brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc. The firm became a member of the NYSE in 1967, when Ms. Siebert became the first woman to own a seat on the Exchange. In addition, in 2014 the Company began business as a registered investment advisor through a wholly-owned subsidiary, Siebert Investment Advisors, Inc. Siebert Financial is based in New York City with additional retail branches in Boca Raton, FL and Beverly Hills, CA. www.siebertnet.com

About Kennedy Cabot Acquisition

Kennedy Cabot Acquisition is a Nevada limited liability company. The principals of Kennedy Cabot Acquisition have substantial experience in the brokerage industry and are/were affiliates of StockCross Financial Services, Inc. StockCross is a broker-dealer member of FINRA with offices across the United States.

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