Kennedy Cabot Acquisition, LLC, Majority Owner of Siebert Financial Corp. and StockCross, Selects Attorneys for MA Advisory Services for Overstock, tZERO Agreements
Dec 29, 2017
OTC Disclosure News Service
Kennedy Cabot Acquisition, LLC, majority owner of Siebert Financial
Financial Services, Inc. recently announced its intended investment
and licensing definitive LOI agreements with Overstock.com,
Inc. (OSTK), and its blockchain subsidiary tZERO.
Leading Los Angeles-based law firm Mitchell Silberberg Knupp LLP has
been selected for MA advisory services to complete the transactions.
The MSK team is led by Les Gold and Anthony A. Adler, MSK partners
through their professional corporations.
This month Siebert Financial Corp., Overstock.com, and its subsidiary
tZERO signed a letter of intent to enter into an agreement to offer
deeply discounted online trading in Q1 2018 when the transaction is
slated to close. In other announcements, tZERO, as the subsidiary
of Overstock.com, signed letters of intent to take a 1 percent stake in
Kennedy Cabot Acquisition, LLC, and a 24 percent interest in StockCross.
Under terms of the Siebert agreement with Overstock and tZERO, any
investor in America who accesses the Muriel Siebert Co. Inc. portal at
Overstock would be able to conduct online trading of US equities for
$2.99 per trade through the platform. In addition, Overstock plans to
introduce a new tier to its Club O loyalty and membership rewards
program to offer that elite membership level the opportunity for online
trading at an even deeper discount of $1.99 per trade. For years,
millions of consumers have trusted Overstock with home, and more
recently, auto purchases. Overstock currently delivers world-class
service and award-winning customer experiences to over 30 million
shoppers per month, as demonstrated by its 2017 Loyalty360 Customer
Award in Operational Excellence and its six consecutive Mobile Web
Awards for its shopping apps.
New customers subscribing to the discount brokerage suite of products
would be offered industry leading services including Smart Order and
Routing and Execution services by tZERO’s broker-dealer Speedroute, a
FINRA firm, and Clearing Services through StockCross, a FINRA firm and
affiliate of Siebert Financial Corp., a member of the New York Stock
Gloria E. Gebbia, board member and managing member of Kennedy Cabot
Acquisition, LLC, the majority shareholder of Siebert Financial Corp.,
and board member of Siebert Financial said, “We are pleased to have MSK
represent us in these planned transactions, and especially appreciate
its commitment to diversity. With our planned agreement with Overstock
and tZERO, we see excellent opportunities to accelerate our strategy.
Siebert Financial is built upon the strong values exemplified by our
founder Muriel Siebert. Our goal is to provide best-in-class services at
tremendous value to Overstock’s massive customer base, many of whom are
women, while building relationships based on trust and their unique set
of life circumstances.”
About Kennedy Cabot Acquisition, LLC
Kennedy Cabot Acquisition, LLC 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.
Cautionary note regarding forward-looking statements
This communication contains “forward-looking statements” (as defined in
the Securities Litigation Reform Act of 1995) regarding, among other
things, future events. Words such as “anticipate,” “expect,” “intend,”
“believe,” and words and terms of similar substance used in connection
with any discussion of future plans, actions or events identify
forward-looking statements. Forward-looking statements relating to the
proposed transactions include, but are not limited to: statements about
the benefits of the proposed transactions; Siebert’s and Kennedy Cabot
Acquisition’s plans, objectives, expectations and intentions; the
expected timing of completion of the proposed transactions; and other
statements relating to the transactions that are not historical facts.
Forward-looking statements are based on information currently available
to Siebert and Kennedy Cabot Acquisition, as the case may be, and
involve estimates, expectations and projections. Investors are cautioned
that all such forward-looking statements are subject to risks and
uncertainties, and important factors could cause actual events or
results to differ materially from those indicated by such
forward-looking statements. With respect to the proposed transactions
between Siebert and Kennedy Cabot Acquisition, these risks and factors
could include, but are not limited to: securing regulatory approval; the
risk that a condition to closing may be delayed or may not be satisfied;
the diversion of management time on transaction-related issues; changes
in the general economic environment, or social or political conditions,
that could affect the business of Siebert and its subsidiaries; and the
potential impact of the announcement or consummation of the proposed
transactions on relationships with customers, competitors, management
and other employees.
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, based on Wall Street in New York City, serves clients
through its branch offices located nationwide and globally online. www.siebertnet.com
Cautionary note regarding forward-looking statements
Statements in this press release that are not statements of historical
or current fact constitute “forward looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
forward looking statements involve risks and uncertainties and known and
unknown factors that could cause the actual results of the Siebert
Financial Corp. (the “Company”) to be materially different from
historical results or from any future results expressed or implied by
such forward looking statements, including without limitation: changes
in general economic and market conditions; changes and prospects for
changes in interest rates; fluctuations in volume and prices of
securities; changes in demand for brokerage services; competition within
and without the brokerage business, including the offer of broader
services; competition from electronic discount brokerage firms offering
greater discounts on commissions than the Company; the prevalence of a
flat fee environment; limited trading opportunities; the method of
placing trades by the Company’s customers; computer and telephone system
failures; the level of spending by the Company on advertising and
promotion; trading errors and the possibility of losses from customer
non-payment of amounts due; other increases in expenses and changes in
net capital or other regulatory requirements. As a result of these and
other factors, the Company may experience material fluctuations in its
operating results on a quarterly or annual basis, which could materially
and adversely affect its business, financial condition, operating
results, and stock price, as well as other risks detailed in the
Company’s filings with the Securities and Exchange Commission (“SEC”).
Accordingly, investors are cautioned not to place undue reliance on any
such “forward-looking statements.” The Company undertakes no obligation
to update the information contained herein or to publicly announce the
result of any revisions to such “forward-looking statements” to reflect
future events or developments. An investment in the Company involves
various risks, including those mentioned above and those, which are
detailed from time to time in the Company’s SEC filings, copies of which
may be obtained from the Company or through the SEC’s website.
Notice to Investors
This communication is provided for informational purposes only and is
neither an offer to sell nor a solicitation of an offer to buy any
securities in the United States or elsewhere.
Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici
Ventures’ t0 platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an
online retailer based in Salt Lake City, Utah that sells a broad range
of products at low prices, including furniture, décor, rugs, bedding,
improvement. In addition to home goods, Overstock.com offers a
variety of products including jewelry, electronics, apparel, and more,
as well as a marketplace providing customers access to hundreds of
thousands of products from third-party sellers. Additional stores
include Worldstock.com, dedicated to selling artisan-crafted products
from around the world. Forbes ranked Overstock in its list of the Top
100 Most Trustworthy Companies in 2014. Overstock regularly posts
information about the company and other related matters under Investor
Relations on its website, http://www.overstock.com.
About StockCross Financial Services, Inc.
Financial Services, Inc. is one of the largest privately-owned
brokerage firms in the nation. Established in 1971, it has spent many
years providing financial guidance and excellent customer service to its
clients. Branch offices are located throughout the nation and are
staffed with knowledgeable and experienced representatives. Online
investment services and phone support offer clients around the world
instant and current information on their accounts. StockCross
consistently delivers on its full scope of offerings including
fixed-income products, online or broker-assisted equity trading,
ESOS/ESOP programs across the globe through advanced online trading
capabilities, and is a self-clearing firm specializing in fixed income
securities, outstanding customer service, and client investment choices.
StockCross is headquartered in Beverly Hills. Member FINRA | SIPC | EST.
Online Trading, Corporate Services, Fixed Income, Equities,
Institutional Trading, Capital Commitment and Market Making, Retail
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of Overstock.com,
focusing on the development and commercialization of financial
technology (FinTech) based on cryptographically-secured, decentralized
ledgers – more commonly known as blockchain technologies. Since its
inception, tZERO has pioneered the effort to bring greater efficiency
and transparency to capital markets through the integration of
blockchain technology. More information is available at tZERO.com.
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