2023-04-27 09:56:13 ET
- Siebert Financial ( NASDAQ: SIEB ) t o issue shares in Siebert to Kakao Pay , a fintech subsidiary of Korean-based conglomerate Kakao.
- Kakao Pay announced an agreement to purchase a 19.9% stake of Siebert of newly issued shares for ~$17M, Kakao Pay will acquire an additional 31.1% of Siebert of newly issued shares.
- After the close of the second transaction, Kakao Pay will become the largest shareholder of Siebert with a total of 51% ownership of Siebert.
For further details see:
Siebert Financial up 11% on Kakao Pay buying 20% stake