RTTNews | Aug 23, 2021 10:18AM EDT

10:17 Monday, August 23, 2021 (RTTNews.com) - Shares of financial services provider Siebert Financial Corp. (SIEB) are surging more than 25% in the morning trade on Monday after the company announced its decision to acquire 24% stake in diversity broker, Tigress Financial Partners.

As per the deal, Siebert will purchase 24% of the outstanding membership interests in Tigress Financial Partners and in return, Tigress will receive 24% of the outstanding membership interests in WPS Prime Services, a unit of Siebert and common shares of Siebert Financial.

Cynthia DiBartolo, Esq., the founder and CEO of Tigress, will join Siebert's management team at the close of the transaction, which is expected by the third quarter of 2021.

"We identified a perfect alignment between Siebert and Tigress in July 2021 when Tigress became the nation's first disabled and woman-owned floor broker and member of the NYSE in the Big Board's 229-year history," said Gloria E. Gebbia, controlling shareholder and board member of Siebert, the parent of WPS Prime Services.

SIEB, currently at $4.52, has traded in the range of $3.13- $18.50 in the last one year.

Read the original article on RTTNews ( https://www.rttnews.com/3220524/siebert-financial-gains-25-to-acquire-stake-in-tigress-financial-partners.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved