Benzinga | Aug 23, 2021 08:32AM EDT

Siebert To Acquire Stake In Leading Diversity Broker, Tigress Financial Partners; Terms Not Disclosed

Siebert Financial Corp. (NASDAQ:SIEB) ("Siebert"), a provider of financial services, today announced that it has signed a non-binding letter of intent with Tigress Holdings, LLC whereby Siebert will purchase 24% of the outstanding membership interests in Tigress Financial Partners ("Tigress"). Tigress is the nation's only disabled and woman-owned financial services firm providing institutional and high net worth investors with expertise in investment banking, capital markets, research, corporate advisory and global trade execution services, asset management and global wealth management.

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In exchange, Tigress will receive 24% of the outstanding membership interests in Siebert's subsidiary WPS Prime Services, LLC ("WPS Prime Services") and shares of Siebert common stock. Cynthia DiBartolo, Esq., the founder and CEO of Tigress, will join Siebert's management team at the close of the transaction. The transaction has been approved by the Boards of both companies and is expected to close by the third quarter of 2021, subject to additional due diligence and customary closing conditions. Financial terms were not disclosed.