The stock of Siebert Financial Corp (NASDAQ:SIEB) closed at $15.01 losing 0.73% in yesterday’s trading session. Kennedy Cabot Acquisition, LLC takes great pride in the fact that it is the majority owner of StockCross Financial Services, Inc and Siebert Financial Corp.
Kennedy Cabot Acquisition, LLC recently proceeded to make the announcement regarding its intended licensing and investment definitive LOI agreements with tZERO which happens to be the blockchain subsidiary of Overstock.com Inc (NASDAQ:OSTK). And the deal also involved Overstock.
Mitchell Silberberg & Knupp LLP is a trusted Los Angeles-based law firm and the most recent development is the fact that it has been selected for M&A advisory services in which case it will be entrusted with completing the remaining transactions. And it is expected to move through that pretty fast.
Both Anthony A. Adler and Les Gold are MSK partners and through their professional corporations they will be taking up the lead role in this matter. It was in the course of this month that Overstock.com, Siebert Financial Corp and tZERO moved ahead to sign a letter of intent which was necessary for them to proceed and make their entry into an agreement that would see them provide deeply discounted online trading in Q1 2018.That is the exact time when it is projected that the transaction will be coming to a close.
There has been a series of announcements lately and the other was about the move by tZERO to sign letters of intent to take a 1 percent stake in Kennedy Cabot Acquisition, LLC and it would also be entitled to a 24 percent interest in StockCross.
A person familiar with the matter stated, “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.”
Over the years, quite a significant number of consumers have exuded great confidence in Overstock and it hopes to do even much more for them.