Siebert Financial Corp. (NASDAQ:SIEB) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that its fully owned subsidiary, Muriel Siebert & Co., LLC (“MSCO”), has entered into a Credit Agreement with BMO Bank N.A. The agreement, signed on November 22, 2024, establishes a revolving credit facility of up to $20,000,000.
The purpose of this agreement is to provide financing for NSCC Deposit Requirements, excluding an Adequate Assurance Deposit, and withdrawals from a Reserve Account. Additionally, the Company guaranteed repayment of any debts issued to MSCO through a Parent Guaranty agreement.
The necessary condition precedent was met on December 18, 2024, when the Company submitted a legal opinion to the Lender, BMO Bank N.A.
Forward-Looking Statements
In accordance with the Form 8-K, references to “Siebert Financial Corp.,” “Company,” “we,” “us,” and “our” collectively mention Siebert Financial Corp. and its subsidiaries. The document also contains forward-looking statements, reflecting the Company’s beliefs and expectations as of the filing date. These statements highlight potential risks and uncertainties associated with factors that could deviate actual results from anticipated outcomes.
For a more detailed understanding of these forward-looking statements, information has been provided in the Company’s Annual and Quarterly Reports on Form 10-K for the year ending December 31, 2023, and Form 10-Q for the quarter ending June 30, 2024. Such reports are available for review on the Securities and Exchange Commission (“SEC”) website.
The company did not reveal any details concerning whether it is an emerging growth company or if it elected to use the extended transition period for implementing new financial accounting standards.
The Form 8-K also includes reports concerning the creation of a Direct Financial Obligation, specifying the entry into the BMO Credit Agreement. The required information under Item 1.01 is incorporated into Item 2.03 of the filing.
Exhibits attached to the filing are as follows:
– Credit Agreement, dated November 22, 2024
– BMO Bank Revolver Note Agreement, dated November 22, 2024
– Parent Guaranty, dated November 22, 2024
– Cover Page Interactive Data File (embedded within the Inline XBRL document)
As of December 19, 2024, Andrew H. Reich, the Executive Vice President, Chief Operating Officer, Chief Financial Officer, and Secretary of Siebert Financial Corp., signed the Form 8-K on behalf of the registrant as required by the Securities Exchange Act of 1934.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Siebert Financial’s 8K filing here.
Siebert Financial Company Profile
Siebert Financial Corp., through its subsidiaries, engages in the retail brokerage and investment advisory businesses in the United States and Internationally. It offers self-directed trading, market making and fixed income investment, stock borrow, stock loan, equity compensation plans, wealth management, and financial advisory services; independent retail execution services; and retail customer services.
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