<SEC-DOCUMENT>0001157523-19-002318.txt : 20191204
<SEC-HEADER>0001157523-19-002318.hdr.sgml : 20191204
<ACCEPTANCE-DATETIME>20191204092136
ACCESSION NUMBER:		0001157523-19-002318
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20191202
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20191204
DATE AS OF CHANGE:		20191204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SIEBERT FINANCIAL CORP
		CENTRAL INDEX KEY:			0000065596
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				111796714
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		191267478

	BUSINESS ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-644-2400

	MAIL ADDRESS:	
		STREET 1:		120 WALL STREET
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MICHAELS J INC
		DATE OF NAME CHANGE:	19950221
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a52138520.htm
<DESCRIPTION>SIEBERT FINANCIAL CORP. 8-K
<TEXT>
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    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 12pt;">Washington, D.C.&#160; 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center;">CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center;">Pursuant to Section 13 or 15(d) of the</div>
    <div style="text-align: center;">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; December 2, 2019</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">SIEBERT FINANCIAL CORP.</div>
    <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
    <div><br>
    </div>
    <div><br>
    </div>
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          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">New York</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">0-5703</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">11-1796714</div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">(State or other jurisdiction of </div>
            <div style="text-align: center;">incorporation)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">(Commission File Number)</div>
          </td>
          <td style="width: 33.33%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">(IRS Employer Identification </div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">Number)</div>
          </td>
        </tr>

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    <div><br>
    </div>
    <div>
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            <td style="width: 7%; font-family: 'Times New Roman',Times,serif; text-align: left;" colspan="1">&#160;</td>
            <td style="width: 33%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;<font style="font-weight: bold;">120 Wall Street, New York, NY </font><br>
              </div>
            </td>
            <td style="width: 25%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;</div>
            </td>
            <td style="width: 25%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div style="text-align: center;">&#160;<font style="font-weight: bold;">10005</font></div>
            </td>
            <td style="width: 10%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 7%; font-family: 'Times New Roman',Times,serif; text-align: left;" colspan="1">&#160;</td>
            <td style="width: 33%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;(Address of principal executive offices) <br>
              </div>
            </td>
            <td style="width: 25%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;</div>
            </td>
            <td style="width: 25%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div style="text-align: center;">&#160;(Zip Code)</div>
            </td>
            <td style="width: 10%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;</div>
            </td>
          </tr>

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    </div>
    <div><font style="font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 360pt"></font>&#160; &#160; <br>
    </div>
    <div>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 326.1pt"></font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 90pt"> </font><br>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z4a466e09a67e446fb591a6ac01190237">

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            <td style="width: 15%;">
              <div>&#160;</div>
            </td>
            <td style="width: 35%;">
              <div style="text-align: right;">&#160;<font style="font-family: 'Times New Roman',Times,serif;">Registrant&#8217;s telephone number, including area code:</font></div>
            </td>
            <td style="width: 5%;">
              <div>&#160;</div>
            </td>
            <td style="width: 45%;">
              <div>&#160;<font style="font-weight: bold;">(212) 644-2400</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 288pt">&#160;</font><font style="font-weight: bold;"></font></div>
    <div>
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            <td style="width: 100%; border-bottom: 2px solid rgb(0, 0, 0);"><br>
            </td>
          </tr>
          <tr>
            <td style="width: 100.00%;">
              <div style="text-align: center;">&#160;(Former name or former address, if changed since last report.)</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>
    <div><br>
    </div>
    <div>&#9744;<font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Written communications pursuant to Rule 425 under the
      Securities Act</div>
    <div><br>
    </div>
    <div>&#9744;<font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Soliciting material pursuant to Rule 14a-12 under the
      Exchange Act</div>
    <div><br>
    </div>
    <div>&#9744;<font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Pre-commencement communications pursuant to Rule
      14d-2(b) under the Exchange Act</div>
    <div><br>
    </div>
    <div>&#9744;<font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab"> </font><font style="width: 8pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Pre-commencement communications pursuant to Rule
      13e-4(c) under the Exchange Act</div>
    <div><br>
    </div>
    <div style="margin-top: 6pt; margin-bottom: 6pt; color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
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        <tr>
          <td style="width: 34.92%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Title of each class</div>
          </td>
          <td style="width: 23.31%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Trading Symbol(s)</div>
          </td>
          <td style="width: 41.77%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 34.92%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">Common Stock - $0.01 par value</div>
          </td>
          <td style="width: 23.31%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">SIEB</div>
          </td>
          <td style="width: 41.77%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; color: #000000;">The Nasdaq Capital Market</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 8pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2
      of this chapter).</div>
    <div style="margin-top: 8pt;">Emerging growth company&#160;&#160;&#160;&#160;&#160; &#9744;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
      provided pursuant to Section 13(a) of the Exchange Act. &#9744;</div>
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    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Item 2.01 Completion of Entry into a Material Definitive Agreement</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">As previously disclosed in a Current Report on Form 8-K, filed on October 3, 2019, Siebert Financial Corp. (the &#8220;Company&#8221;) (NASDAQ: SIEB), Weeden Investors L.P., a Delaware limited partnership
      (&#8220;LP&#8221;), and Weeden Securities Corporation, a Delaware corporation (&#8220;GP&#8221; and together with LP, each, a &#8220;Seller&#8221; and collectively, the &#8220;Sellers&#8221;) entered into an Equity Interests Purchase Agreement (the &#8220;Agreement&#8221;), pursuant to which the Company
      acquired (the &#8220;Acquisition&#8221;) all of the Sellers&#8217; member interests in Weeden Prime Services, LLC (the &#8220;Equity Interests&#8221;), a broker-dealer registered with the SEC offering prime brokerage services, for cash consideration of <font style="background-color: #FFFFFF; color: #000000;">$7,124,996 (the &#8220;Purchase Price&#8221;).</font></div>
    <div style="text-align: justify; margin-bottom: 12pt;">On December 2, 2019, pursuant to the terms of the Agreement, the Company acquired the Equity Interests from the Sellers in exchange for the Purchase Price. In connection therewith, the Company
      entered into an unsecured promissory note (the &#8220;Note&#8221;) with Gloria E. Gebbia, pursuant to which the Company borrowed $3,000,000 to finance part of the Acquisition. Interest on the note accrues at the rate of 4% per annum and all principal and accrued
      unpaid interest is due and payable by the Company in full on December 2, 2020. The Company may prepay the Note at any time without a penalty. The balance of the Purchase Price, $4,124,996, was provided to the Company by its wholly-owned subsidiary,
      Muriel Siebert &amp; Co., Inc.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Gloria E. Gebbia is a member of the Company&#8217;s board of directors and is the direct beneficial owner of 7,658,500 shares of the Company&#8217;s Common Stock, representing approximately 28.2% of the
      Company&#8217;s outstanding Common Stock. Gloria E. Gebbia is also the Managing Member of Kennedy Cabot Acquisition, LLC (&#8220;KCA&#8221;) and may be deemed to be the indirect beneficial owner of 3,577,283 shares of the Company&#8217;s Common Stock, representing
      approximately 13.2% of the outstanding Common Stock of the Company, owned by KCA, and she may be deemed to share indirect beneficial ownership of a total of 5,901,194 additional shares of the Company&#8217;s Common Stock, owned by family trusts and certain
      members of Gloria E. Gebbia&#8217;s family. Accordingly, Gloria E. Gebbia may be deemed to beneficially own, directly and indirectly, an aggregate of 17,136,977 shares of Common Stock, representing approximately 63.1% of the Company&#8217;s outstanding Common
      Stock.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The foregoing descriptions of the Agreement and the Note do not purport to be complete and are qualified in their entirety by the full texts of the Agreement and the Note, filed as Exhibits 99.1
      and 99.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 2.03&#160; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The information contained in Item 1.01 above is incorporated herein by reference.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 7.01. Regulation FD Disclosure.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">On December 4, 2019, the Company issued a press release announcing the completion of the Acquisition. A copy of the press release is attached as Exhibit 99.3 to this Current Report on Form 8-K and
      is incorporated herein by reference.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Forward-Looking Statements.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">This Current Report on Form 8-K contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements
      typically are identified by use of terms such as &#8220;may,&#8221; &#8220;project,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate&#8221; and similar words. Except as required by law, the Company undertakes no obligation to publicly update or revise any
      forward-looking statements, whether as a result of new information, future events or otherwise. The Company&#8217;s actual results could differ materially from those contained in forward-looking statements due to a number of factors, including the
      statements under &#8220;Risk Factors&#8221; found in the Company&#8217;s Annual Reports on Form 10-K and its Quarterly Reports on Form 10-Q filed with the SEC.</div>
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    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Item 9.01. Financial Statements and Exhibits.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(a) Financial statements of businesses acquired.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Company will file the financial statements required by Item 9.01(a) of Form 8-K by an amendment to this Current Report on Form 8-K no later than 71 days from the date this Current Report on
      Form 8-K is required to be filed.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(b) Pro forma financial information.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">The Company will file the pro forma financial information required by Item 9.01(b) of Form 8-K by an amendment to this Current Report on Form 8-K no later than 71 days from the date this Current
      Report on Form 8-K is required to be filed.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">(d) Exhibits</div>
    <div style="text-align: justify; margin-bottom: 12pt;">
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          <tr>
            <td style="width: 10%;">
              <div>&#160;Exhibit No.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 72pt"> <br>
                </font></div>
            </td>
            <td style="width: 90%;">
              <div>&#160;Description</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;">
              <div>&#160;<a href="http://www.sec.gov/Archives/edgar/data/65596/000115752319002032/a52104058ex99_1.htm">99.1</a></div>
            </td>
            <td style="width: 90%;">
              <div><a href="http://www.sec.gov/Archives/edgar/data/65596/000115752319002032/a52104058ex99_1.htm">Equity Interests Purchase Agreement, dated as of September 27, 2019, by and among Siebert Financial Corp., Weeden Investors L.P. and Weeden
                  Securities Corporation (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company on October 3, 2019).</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%; text-align: left; vertical-align: top;">
              <div>&#160;<a href="a52138520ex99_2.htm">99.2</a></div>
            </td>
            <td style="width: 90%;">
              <div><a href="a52138520ex99_2.htm">Promissory Note, dated as of December 2, 2019, made by Siebert Financial Corp. in favor of Gloria E. Gebbia.</a></div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;</div>
            </td>
            <td style="width: 90%;">
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 10%;">
              <div>&#160;<a href="a52138520ex99_3.htm">99.3</a></div>
            </td>
            <td style="width: 90%;">
              <div><a href="a52138520ex99_3.htm">Press Release</a></div>
            </td>
          </tr>

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    <div style="text-align: center;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>
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            <td valign="top" style="width: 38%;" colspan="2"><strong></strong><br>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
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            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">Dated:&#160; December 4, 2019</div>
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            <td valign="top" style="width: 3%; padding-bottom: 2px;">
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>2
<FILENAME>a52138520ex99_2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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            <div>&#160;</div>
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            <div style="text-align: right;">&#160;<font style="font-weight: bold;">Exhibit 99.2</font><br>
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      <div style="text-align: justify;">THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#8220;ACT&#8221;) SHALL HAVE BECOME EFFECTIVE WITH RESPECT
        THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE
        STATE SECURITIES LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE.</div>
      <div><br>
      </div>
      <div><br>
      </div>
      <div style="text-align: justify;"><br>
      </div>
      <div style="text-align: center; font-weight: bold;">4% Promissory Note</div>
      <div><br>
      </div>
      <div><br>
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                <div>$3,000,000.00<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 360pt" id="TRGRRTFtoHTMLTab"> <br>
                  </font></div>
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                <div style="text-align: right;">&#160;<font style="font-family: 'Times New Roman',Times,serif;">As of December 2, 2019</font></div>
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      <div style="text-align: justify; text-indent: 36pt;">FOR VALUE RECEIVED, <font style="font-weight: bold;">Siebert Financial Corp., Inc</font>., a New York corporation (the &#8220;<font style="font-weight: bold;"><u>Company</u></font>&#8221;) with its principal
        executive office at 120 Wall Street, New York, NY 10005, promises to pay to the order of&#160; Gloria E. Gebbia, or her assigns (the &#8220;<font style="font-weight: bold;"><u>Holder</u></font>&#8221;), the principal amount of <font style="font-weight: bold;">Three
          Million Dollars</font>&#160;<font style="font-weight: bold;">($3,000,000.00)</font> (the &#8220;<font style="font-weight: bold;"><u>Principal Amount</u></font>&#8221;) in such coin or currency of the United States of America as at the time of payment shall be
        legal tender for the payment of public and private debts. Interest on this note (the &#8220;<font style="font-weight: bold;"><u>Note</u></font>&#8221;) shall accrue on the Principal Amount outstanding from time to time at a rate per annum computed in
        accordance with, and shall be payable as provided in, <u>Section 2</u> hereof. Nothing in this paragraph shall be construed as the consent by the Holder of this Note to any action otherwise prohibited by the terms of this Note or as a waiver of
        any such prohibition.</div>
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      <div style="margin-bottom: 12pt; text-indent: 36pt;">1.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Note Issuance</u>.&#160; This Note is issued by the Company in connection with its
        acquisition of Weeden Prime Services, LLC, pursuant to that certain Equity Interests Purchase Agreement (the &#8220;<font style="font-weight: bold;"><u>Agreement</u></font>&#8221;), dated as of September 27, 2019, by and among the Company, Weeden Investors,
        L.P. and Weeden Securities Corporation.&#160; Capitalized terms used in this Note and not otherwise defined shall have the meanings ascribed to such terms in the Agreement.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">2.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Payment of the Note</u>.</div>
      <div style="margin-bottom: 12pt; text-indent: 72pt;">A.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Principal and Interest Payments</u>.&#160; The Principal Amount an all accrued and
        unpdaid interest and any other amounts payable pursuant to this Note shall be paid by the Company to the Holder on December 2, 2020 (the one year anniversary of the date of this Note).</div>
      <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="color: #000000;">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Interest Rate</u>.&#160; The outstanding
        Principal Amount shall bear interest at the rate of four (4.0%) percent per annum calculated on the basis of a 360 day year.</div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 1 -</font></div>
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      <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="color: #000000;">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;"><u>Payment</u></font><font style="color: #000000;">.&#160; </font>Each payment by the Company pursuant to this Note shall be made without set-off or counterclaim and in immediately available funds.&#160; If any payment due date falls on a day that is not a Business Day, then the
        payment shall be due and payable on the next following Business Day.&#160; For purposes of this Note, &#8220;<font style="font-weight: bold;"><u>Business Day</u></font>&#8221; means any day that is not a Saturday, a Sunday or a day on which banks are required or
        permitted to be closed in the State of New York.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">3.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Prepayment</u>.&#160; All or any portion of the Principal Amount may be prepaid by
        the Company at any time or from time to time.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">4.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Events of Default; Default</u>.</div>
      <div style="margin-bottom: 12pt; text-indent: 72pt;">&#160; A.<font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font>The term &#8220;<font style="font-weight: bold;"><u>Event of Default</u></font>&#8221; shall mean any of the following events:</div>
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        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Non-Payment of Obligations</u>. The
          Company shall default in the payment of the Principal Amount or accrued interest on this Note when and as the same shall become due and payable, whether by acceleration or otherwise and such failure shall not be remedied within ten (10) calendar
          days of the applicable due date; or</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;"><font style="color: #000000;">(ii)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;"><u>Bankruptcy, Insolvency, etc</u>. The Company shall:</font></div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; margin-bottom: 12pt;">(a)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>generally fail or be unable to pay, or
          admit in writing its inability to pay, its debts as they become due;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; margin-bottom: 12pt;">(b)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>apply for, consent to, or acquiesce in,
          the appointment of a trustee, receiver, sequestrator or other custodian for the Company or any of its property, or make a general assignment for the benefit of creditors;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; margin-bottom: 12pt;">(c)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>in the absence of such application,
          consent or acquiesce in, permit or suffer to exist the appointment of a trustee, receiver, sequestrator or other custodian for the Company or for any part of its property, and such trustee, receiver, sequestrator or other custodian shall not be
          discharged within thirty (30) days;</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; margin-bottom: 12pt;">(d)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>permit or suffer to exist the
          commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under any bankruptcy, insolvency or comparable law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if such
          case or proceeding is not commenced by the Company or converted to a voluntary case, such case or proceeding shall be consented to or acquiesced in by the Company or shall result in the entry of an order for relief or shall remain for sixty (60)
          days undismissed; or</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 72pt; margin-bottom: 12pt;"><font style="color: #000000;">(e)</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;">take any corporate action authorizing, or in furtherance of, any of the foregoing.</font></div>
        <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">B.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Action if Bankruptcy, Insolvency, etc</u>. If any Event
          of Default described in clause (ii) of <font style="font-weight: bold;"><u>Section 4A</u></font> shall occur, the outstanding Principal Amount of this Note together with all interest accrued thereon and all other obligations hereunder shall
          automatically be and become immediately due and payable, without notice or demand.</div>
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          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 2 -</font></div>
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      <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="color: #000000;">C.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Action if Other Event of Default</u>. If
        any Event of Default described in clause<u>&#160;</u>(i) of <font style="font-weight: bold;"><u>Section 4A</u></font> shall occur for any reason, and be continuing, the Holder may, upon notice to the Company, declare all or any portion of the
        outstanding Principal Amount of the Note together with interest accrued thereon and any or all other obligations hereunder to be due and payable, whereupon the full unpaid Principal Amount (or any portion thereof so demanded), such accrued interest
        and any and all other such obligations which shall be so declared due and payable shall be and become immediately due and payable, without further notice, demand, or presentment.</div>
      <div style="margin-bottom: 12pt; text-indent: 36pt;">5.<font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><u>Amendments; Waivers; Severability</u>.</div>
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        <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">A.<font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 8pt; font-size: 1px; display: inline-block;">&#160;</font><u>Amendments</u>.</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The provisions of this Note may from
          time to time be amended, modified or waived, if such amendment, modification or waiver is in writing and consented to by the Company and Holder.</div>
        <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">B.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;"><u>Waivers</u></font><font style="color: #000000;">.</font></div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(i)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>No failure or delay on the part of
          Holder in exercising any power or right under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise thereof or the exercise of any other power or
          right. No notice to or demand on the Company, in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by Holder shall, except as may be otherwise stated in such waiver or approval, be
          applicable to subsequent transactions. No waiver or approval hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.</div>
        <div style="text-align: justify; text-indent: 72pt; margin-left: 36pt; margin-bottom: 12pt;">(ii)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>The Company hereby waives presentment
          for payment, demand, notice of nonpayment, notice of dishonor, protest of any dishonor, notice of protest and protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the
          payment of this Note and shall pay all costs of collection, when incurred, including, without limitation, reasonable attorney&#8217;s fees, costs and other expenses.</div>
        <div style="text-align: justify; text-indent: 72pt; margin-bottom: 12pt;">C.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Severability</u>.&#160; The unenforceability or invalidity of
          any provision of this Note shall not affect the enforceability or validity of any other provision of this Note and the invalidity or unenforceability of any provision of this Note to any person or circumstance shall not affect the enforceability
          or validity of such provision to any other persons or circumstances.</div>
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          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 3 -</font></div>
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      <div style="margin-bottom: 12pt; text-indent: 36pt;">6.<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Miscellaneous</u>.</div>
      <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="color: #000000;">A.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Parties in Interest</u>. All covenants,
        agreements and undertakings in this Note binding upon the Company or Holder shall bind and inure to the benefit of the successors and permitted assigns of the Company and Holder, respectively, whether so expressed or not.</div>
      <div style="margin-bottom: 12pt; text-indent: 72pt;"><font style="color: #000000;">B.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><u>Governing Law; Consent to Forum</u>. This
        Note shall be governed exclusively by the laws of the State of New York without giving effect to any choice of law rules thereof.</div>
      <div style="text-align: justify; text-indent: 72pt;"><font style="color: #000000;">D.</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font><font style="color: #000000;"><u>Waiver of
            Jury Trial</u>. THE HOLDER AND THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS NOTE
          OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF THE HOLDER OR THE COMPANY.</font></div>
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      <div style="text-align: center; margin-bottom: 12pt; color: #000000;">[Remainder of page intentionally left blank]</div>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">- 4 -</font></div>
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      </div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font>, this Note has been executed and delivered on the date specified above by the duly authorized
        representative of the Company.</div>
      <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt; color: #000000;"> <br>
      </div>
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              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" colspan="2" style="width: 38%;"><strong></strong><font style="font-weight: bold;">Siebert Financial Corp., Inc</font>., a New York corporation</td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="top" style="width: 35%;">&#160;</td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
                </div>
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              <td style="width: 3%; padding-bottom: 2px; text-align: left; vertical-align: bottom;">
                <div style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">By: </div>
              </td>
              <td valign="top" align="left" style="width: 35%; border-bottom: #000000 2px solid;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <img src="sig1.jpg"> </td>
              <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="bottom" align="left" style="width: 35%;"><font style="color: #000000;">Name:&#160; Andrew Reich</font></td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="top" style="width: 35%;">Title:&#160; CFO</td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 3%;">&#160;</td>
              <td valign="top" style="width: 35%;">&#160;</td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>

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      </div>
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      <div><br>
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      <div style="text-align: justify; color: #000000;">AGREED AND ACCCEPTED:</div>
      <div><br>
      </div>
      <div style="text-align: justify;">
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              <td style="width: 70%; padding-bottom: 2px;" rowspan="1">&#160;</td>
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                <div>Gloria E. Gebbia </div>
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                <div>&#160;</div>
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            <div>&#160;</div>
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          <td style="width: 50.00%;">
            <div style="text-align: right;">&#160;<font style="font-weight: bold;">Exhibit 99.3</font><br>
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    <div class="bw-release">
      <h1 style="text-align: center; list-style-position:inside;FONT-SIZE: 14pt;"> <b>Siebert Financial Corp. Completes Acquisition of Weeden Prime Services, LLC</b> </h1>
      <div class="bw-release-subhead">
        <ul style="list-style-type: disc;">
          <b>
            <li> Effective December 2, 2019, Siebert acquired Weeden Prime, a leading prime brokerage services provider, for a total purchase price of approximately $7.1 million in cash </li>
            <li> Weeden Prime has generated approximately $12-14 million in annual revenue </li>
            <li> Through its acquisition of Weeden Prime, Siebert will gain approximately $1.5 billion in assets under management, two branch offices and 25 employees </li>
          </b>
        </ul>
      </div>
      <div class="bw-release-body">
        <div class="bw-release-table-js bw-release-story">
          <p>NEW YORK--(BUSINESS WIRE)--December 4, 2019--Siebert Financial Corp. (NASDAQ:SIEB) (&#8220;Siebert&#8221;), a provider of financial services, today announced the completion of the acquisition of Weeden Prime Services, LLC (&#8220;Weeden Prime&#8221;), a leading prime
            brokerage services provider. The acquisition was effective on December 2, 2019, and Weeden Prime will be a wholly-owned subsidiary of Siebert. </p>
          <p> The acquisition of Weeden Prime will provide a new customer base of institutional clients as well as several strategic clearing relationships. Weeden Prime&#8217;s technology, including their Armor solution, will be added to Siebert&#8217;s technology
            portfolio. </p>
          <p> In addition, there are substantial cross selling opportunities for the institutional and retail clients, including partnering with institutional clients to generate new product offerings for the retail clients. The addition of Weeden Prime
            will bring economies of scale in terms of operational and administrative functions as well as a skilled management team to Siebert. </p>
          <p> Gloria E. Gebbia, controlling shareholder and board member of Siebert, commented on the completion of the acquisition saying, &#8220;We are excited to have the Weeden Prime team officially on board and are looking forward to achieving the benefits
            of the combined company. Combining Siebert&#8217;s and Weeden Prime&#8217;s complementary business lines creates a powerful and dynamic company able to meet the needs of a rapidly changing market.&#8220; </p>
          <p> Andrew Formato, the President of Weeden Prime, said, &#8220;The entire team at Weeden Prime is excited to combine with the Siebert family and build on the strength of both of our respective firms. With Siebert&#8217;s strong positioning in the
            marketplace and our shared vision, we look forward to growing our business for the future.&#8221; </p>
          <p> Andrew Reich, CFO of Siebert, commented on the transaction saying, &#8220;We are very excited about the financial benefit this transaction will deliver to Siebert. Currently, Weeden Prime generates approximately $12-14 million in annual revenue and
            it has achieved significant organic growth over the past few years. By integrating Weeden Prime into the Siebert infrastructure, we will be well positioned to continue that growth as well as achieve significant economies of scale. We are
            excited for the future of Siebert and capitalizing on the opportunities ahead.&#8221; </p>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> <b>Notice to Investors</b> </p>
          <p> This communication is provided for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any securities in the United States or elsewhere. </p>
          <p> <b>About Siebert Financial Corp.</b> </p>
          <p> Siebert Financial Corp. is a holding company that conducts its retail brokerage business through its wholly-owned subsidiary, Muriel Siebert &amp; Co., Inc., which became a member of the New York Stock Exchange (&#8220;NYSE&#8221;) in 1967 when Ms.
            Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms. The company conducts its investment advisory business through its wholly-owned subsidiary, Siebert AdvisorNXT, Inc., a registered investment
            advisor, and its insurance business through its wholly-owned subsidiary, Park Wilshire Companies, Inc., a licensed insurance agency. Siebert&#8217;s fourth wholly-owned subsidiary, Siebert Technologies, LLC., is a developer of robo-advisory
            technology. Siebert is headquartered in New York City with 13 offices throughout the continental U.S. Siebert is under common control with StockCross Financial Services, Inc. More information is available at www.siebertnet.com. </p>
          <p> <b>About Weeden Prime Services, LLC</b> </p>
          <p> Weeden Prime is a technology-powered prime brokerage business focused on providing institutional quality services to hedge funds and family offices. With a focus on capital raising and cutting-edge technology, Weeden Prime has successfully
            created an ideal platform which clients can leverage in seeking to grow their businesses. Weeden Prime offers a comprehensive global platform that includes dynamic proprietary risk management and analytics technology (&#8220;Armor&#8221;), institutional
            equity, outsourced trading, automated allocation technology and sophisticated portfolio reporting. More information is available at www.weedenprime.com. </p>
          <p> <b>Cautionary Note Regarding Forward-Looking Statements</b> </p>
          <p> The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of
            1995. Forward-looking statements include statements preceded by, followed by or that include the words &#8220;may,&#8221; &#8220;could,&#8221; &#8220;would,&#8221; &#8220;should,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;anticipate,&#8221; &#8220;plan,&#8221; &#8220;estimate,&#8221; &#8220;target,&#8221; &#8220;project,&#8221; &#8220;intend&#8221; and similar words or
            expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. </p>
          <p> These forward-looking statements, which reflect our management&#8217;s beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of our management. All forward-looking statements speak only as of the date on which
            they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without
            limitation, the following: economic, social and political conditions and other securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions;
            systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting our business; net capital requirements; extensive regulation,
            regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans and other consequences
            associated with risks and uncertainties detailed in our filings with the SEC, including our most recent filings on Forms 10-K and 10-Q. </p>
          <div> </div>
          <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" id="DSPFPageBreakArea">
            <div style="PAGE-BREAK-AFTER: always" id="DSPFPageBreak">
              <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
          </div>
          <p> The forward-looking statements contained herein speak only as of the date on which the statements were made. We caution that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may
            occur, that could impact our business. We undertake no obligation to publicly update or revise these statements, whether as a result of new information, future events or otherwise, except to the extent required by the federal securities laws. </p>
        </div>
        <div class="bw-release-contact">
          <h2 style="FONT-SIZE: 14pt;">Contacts</h2>
          <p> Siebert Financial Corp. <br>
            120 Wall Street <br>
            New York, NY 10005 </p>
          <p> Investor Relations: <br>
            Siebert Financial Corp. <br>
            John T. Gebbia <br>
            (310) 432-2196 </p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
