Business Services Industry
Siebert Financial Corp. Extends Rights Offering to October 1, 1998
Business Wire, Sept 1, 1998
NEW YORK--(BUSINESS WIRE)--Sept. 1, 1998--Siebert Financial Corp. (NASDAQ: SIEB) today announced that it has extended the expiration date of its current rights offering to October 1, 1998. The offering was originally scheduled to expire August 31, 1998.
Under the terms of the offering, which is by prospectus only, shareholders will receive the right to purchase one share of Siebert Financial Corp. common stock at $7.50 for each share that they owned as of the record date, July 29, 1998.
The primary purpose of the rights offering is to provide working capital to expand the company's growing Internet trading service.
Siebert Financial Corp. is a holding company which conducts all its operations through its wholly-owned subsidiary, Muriel Siebert & Co., Inc. ("Siebert"). A member of the New York Stock Exchange, Siebert was one of the first stock brokerage firms in the U.S. to adopt a discounted commission schedule on May 1, 1975 when discounting was first permitted.
Siebert conducts its municipal investment banking activities through Siebert Brandford Shank, a joint venture specializing in municipal and other fixed income underwriting and financial advisory services.
Siebert is based in New York City with additional retail branches in Boca Raton, Surfside, Palm Beach and Naples, FL; Beverly Hills, CA and Morristown, NJ. Municipal bond specialists share offices with Siebert discount brokers in New York and also have their own offices in San Francisco, Los Angeles, Seattle, Houston, Chicago and Detroit.
CONTACT: Siebert Financial Corp.
Muriel F. Siebert, Chair & CEO
212/644-6418
or
Agency Contact:
The Cavior Organization
Warren J. Cavior, 212/687-6070
or
Information Agent:
D.F. King & Co., Inc.
800/859-8508
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