<SEC-DOCUMENT>0001157523-20-000757.txt : 20200515
<SEC-HEADER>0001157523-20-000757.hdr.sgml : 20200515
<ACCEPTANCE-DATETIME>20200515163541
ACCESSION NUMBER:		0001157523-20-000757
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200515
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20200515
DATE AS OF CHANGE:		20200515

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:		20886032

	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>a52221265.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: 16pt;">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; May 15, 2020</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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            <div style="text-align: center; font-weight: bold;">New York</div>
          </td>
          <td style="width: 34%; 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>
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          <td style="width: 33.33%; vertical-align: top; font-family: 'Times New Roman',Times,serif; text-align: center;">
            <div>(State or other jurisdiction of<br>
            </div>
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          <td style="width: 34%; 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; font-family: 'Times New Roman',Times,serif;">
            <div style="text-align: center;">(IRS Employer Identification <br>
            </div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 33.33%; vertical-align: top; text-align: center;">&#160;incorporation)</td>
          <td rowspan="1" style="width: 34%; vertical-align: top; font-family: 'Times New Roman',Times,serif;">&#160;</td>
          <td rowspan="1" style="width: 33.33%; vertical-align: top; font-family: 'Times New Roman',Times,serif; text-align: center;">Number)</td>
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            <td style="width: 33.33%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div style="text-align: center;">&#160;120 Wall Street, New York, NY <br>
              </div>
            </td>
            <td style="width: 34%;">
              <div>&#160;</div>
            </td>
            <td style="width: 33.33%;">
              <div style="text-align: center;">&#160;<font style="font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">10005</font></font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div style="text-align: center;">&#160;(Address of principal executive offices) <br>
              </div>
            </td>
            <td style="width: 34%;">
              <div>&#160;</div>
            </td>
            <td style="width: 33.33%;">
              <div style="text-align: center;">&#160;<font style="font-family: 'Times New Roman',Times,serif;">(Zip Code)</font></div>
            </td>
          </tr>

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    </div>
    <div style="font-family: 'Times New Roman',Times,serif;"><font style="font-family: 'Times New Roman', Times, serif; font-weight: bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 432pt" id="TRGRRTFtoHTMLTab"></font><font style="font-family: 'Times New Roman', Times, serif;">&#160; &#160; </font>&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
    </div>
    <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:<font style="font-weight: bold;">(212) 644-2400</font></div>
    <div style="text-align: center;"><font style="font-weight: bold;"> <br>
      </font></div>
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    <div style="text-align: center;">(Former name or former address, if changed since last report.)</div>
    <div><br>
    </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 class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Written communications pursuant to Rule 425 under the
      Securities Act</div>
    <div><br>
    </div>
    <div>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Soliciting material pursuant to Rule 14a-12 under the
      Exchange Act</div>
    <div><br>
    </div>
    <div>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font>Pre-commencement communications pursuant to Rule
      14d-2(b) under the Exchange Act</div>
    <div><br>
    </div>
    <div>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </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;">Securities registered pursuant to Section 12(b) of the Act:</div>
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            <div style="text-align: center;">Title of each class</div>
          </td>
          <td style="width: 23.31%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="text-align: center;">Trading Symbol(s)</div>
          </td>
          <td style="width: 41.77%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Name of each exchange on which registered</div>
          </td>
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          <td style="width: 34.92%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">Common Stock - $0.01 par value</div>
          </td>
          <td style="width: 23.31%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">SIEB</div>
          </td>
          <td style="width: 41.77%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center;">The Nasdaq Capital Market</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <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="text-align: justify; margin-right: 18pt; 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;"> <br>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="font-weight: bold;">Item 8.01&#160; Other Events.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Filing Relief -- First Quarter 2020 Quarterly Report on Form 10-Q</div>
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; text-indent: 36pt;">Due to circumstances related to the coronavirus (COVID-19) pandemic, Siebert Financial Corp. (the &#8220;Company,&#8221; &#8220;we,&#8221; or &#8220;us&#8221;) is furnishing this Current Report on Form 8-K to avail itself of an
        extension to file its&#160;Quarterly Report on Form 10-Q for the three months ended March 31, 2020 (&#8220;2020 Q1 Form 10-Q&#8221;) due May 15, 2020. The Company is relying on the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;) Order under Section 36 of the
        Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies dated March 25, 2020 (Release No. 34-88465) (the &#8220;Order&#8221;). The Order allows a registrant up to an additional 45 days after
        the original due date of certain reports required to be filed with the SEC if a registrant&#8217;s ability to file such report timely is affected due to COVID-19.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; text-indent: 36pt;">Unless the context otherwise requires, references to the &#8220;Company,&#8221; &#8220;we,&#8221; or &#8220;us,&#8221; includes the Company and its subsidiaries.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">The Company&#8217;s business and operations have experienced disruptions due to the rapidly evolving and unprecedented conditions surrounding the COVID-19 pandemic. These disruptions
      include, but are not limited to, requiring key personnel of the Company to devote considerable time and resources to manage and address issues impacting the Company&#8217;s business resulting from the COVID-19 pandemic, and transitioning the Company&#8217;s
      personnel to working remotely in response to suggested and mandated &#8220;stay-at-home&#8221; orders. One impact of the foregoing has been to slow the Company&#8217;s routine quarterly close process.&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">As a result, the Company will be relying on the 45-day grace-period provided by the Order to extend the filing deadline within which the Company is required to file its 2020 Q1
      Form 10-Q. The Company expects to file the 2020 Q1 Form 10-Q no later than May 29, 2020.</div>
    <div style="margin-bottom: 8pt; font-weight: bold;">Operational Update</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">In response to the COVID-19 pandemic and for the protection of our employees, clients, and business partners, we have implemented remote work arrangements for nearly 100% of our
      employees, have restricted business travel, and have temporarily closed some of our retail branches. We currently remain able to meet our clients' needs through our technology-based platforms and services. Throughout this challenging time, our focus
      remains on continuing to earn our clients&#8217; trust, which is made possible by the significant contributions of our employees, and we remain committed to serving our clients while protecting our employees&#8217; wellbeing.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">During the first quarter of 2020, the Federal Reserve cut the federal funds target overnight rate twice for a total of 150 basis points to near zero. These developments have had,
      and may continue to have, a negative impact on our revenue from margin interest, marketing, and distribution fees as well as interest income. There has also been a decrease in margin balances as well as retail and institutional customer net worth
      corresponding to the market volatility and decrease in equity valuations. Our commissions and fees and principal transaction revenues may be reduced in light of less demand from our retail customer base; however, this may be partially offset by the
      increase in commissions and fees revenue from our institutional customers. In relation to our statements of financial condition, our securities borrowed, and securities loaned amounts have decreased due to the market volatility.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">In terms of expenses, we have reduced the salary of higher-level employees and we are evaluating our compensation structure and vendor arrangements to identify areas where we can
      optimize our cost structure while maintaining operational efficiency and quality of the customer experience. In addition, we are evaluating our office spaces and various lease agreements especially in light of our ability to work remotely.</div>
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    <div style="text-align: justify; margin-bottom: 8pt; font-weight: bold;">Risk Factors Update</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">In light of the ongoing hardships caused by the onset and continuation of the COVID-19 pandemic, the Company is also furnishing this Current Report on Form 8-K for the purpose of
      supplementing the risk factors described under &#8220;Item 1A. Risk Factors&#8221; in its Annual Report on Form 10-K for the year ended December 31, 2019 (&#8220;Form 10-K&#8221;), with the additional risk factors set forth below. These supplemental risk factors should be
      read in conjunction with the other risk factors described in the Form 10-K.</div>
    <div style="text-align: justify; margin-bottom: 8pt; font-style: italic; font-weight: bold;">The onset and continuation of the COVID-19 pandemic has adversely affected, and will likely continue to adversely affect, our business, financial condition,
      liquidity and results of operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">We believe the worldwide COVID-19 pandemic has negatively affected our business and is likely to continue to do so. The outbreak has caused significant volatility and disruption
      in the financial markets both globally and in the United States. If COVID-19, or another highly infectious or contagious disease, continues to spread or the response to contain it is unsuccessful, we could experience material adverse effects on our
      business, financial condition, liquidity, and results of operations. The extent of such effects will depend on future developments which are highly uncertain and cannot be predicted, including the geographic spread of the virus, the overall severity
      of the disease, the duration of the outbreak, the measures that may be taken by various governmental authorities in response to the outbreak (such as quarantines and travel restrictions) and the possible further impacts on the global economy. The
      continued spread of COVID-19 could also negatively impact the availability of key personnel necessary to conduct our business.</div>
    <div style="text-align: justify; margin-bottom: 8pt; font-style: italic; font-weight: bold;">Certain actions taken by U.S. or other governmental authorities, including the Federal Reserve, to reduce interest rates may adversely affect our results of
      operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">During the first quarter of 2020, the Federal Reserve cut the federal funds target overnight rate twice for a total of 150 basis points to near zero. These developments have had,
      and may continue to have, a negative impact on our revenue from margin interest, marketing, and distribution fees as well as interest income.</div>
    <div style="text-align: justify; margin-bottom: 8pt; font-style: italic; font-weight: bold;">Investor behavior may fundamentally change as a result of COVID-19 in both the near and long term which could have an adverse effect on our operations.</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 8pt;">We cannot foresee whether the outbreak of COVID-19 will be effectively contained, nor can we predict the severity and duration of its impact. As such, impacts of COVID-19 to our
      business are highly uncertain and we will continue to assess the financial impacts. The disruptions to the United States and global economies and financial markets may cause investors to be more cautious and to limit their investments. Trading of
      securities may be materially and adversely affected with more investors seeking stability. Investment activity may also be negatively impacted by general macroeconomic conditions and consumer confidence, including the impacts of job losses and any
      recession, resulting from the COVID-19 pandemic. Clients holding savings with us in retirement or investment accounts may be required to liquidate some or all of their savings to pay living expenses. All of this could materially and adversely impact
      our revenue streams.</div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Forward-Looking Statements.</div>
    <div style="text-align: justify; text-indent: 36pt; 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. Forward-looking statements include statements regarding the impact of
      disruptions to the Company&#8217;s operations caused by the COVID-19 pandemic. Such forward-looking statements are based on the Company&#8217;s current expectations and assumptions regarding capital market conditions, our business, the economy and other future
      conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially
      from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the impact of the COVID-19 pandemic on the
      Company and the United States and global financial markets and economies as a whole. 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
      regarding COVID-19, 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, as updated by this Current Report on Form 8-K, and its Quarterly Reports on Form 10-Q filed with the SEC.</div>
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    </div>
    <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><br>
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          <tr>
            <td valign="top" style="width: 50%;">Dated:&#160; May 15, 2020</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;"><br>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">By: </div>
            </td>
            <td valign="top" nowrap="nowrap" align="left" style="width: 35%; border-bottom: #000000 2px solid">/s/ Andrew H. Reich</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" nowrap="nowrap" align="left" style="width: 35%;">Andrew H. Reich</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%;">EVP, Chief Operating Officer, Chief Financial Officer</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%;">and Secretary</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

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