<SEC-DOCUMENT>0001157523-20-000845.txt : 20200602
<SEC-HEADER>0001157523-20-000845.hdr.sgml : 20200602
<ACCEPTANCE-DATETIME>20200602141148
ACCESSION NUMBER:		0001157523-20-000845
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200601
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20200602
DATE AS OF CHANGE:		20200602

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:		20936548

	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>a52228815.htm
<DESCRIPTION>SIEBERT FINANCIAL CORP. 8-K
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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>
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    <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; June 1, 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>
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    </div>
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            <div style="text-align: center; font-weight: bold;">New York</div>
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            <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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            <div style="text-align: center;">(State or other jurisdiction of&#160; &#160; &#160; &#160; &#160; <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;">&#160;&#160;&#160;&#160;(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>
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          <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;">&#160;</td>
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            <div style="margin-left: 9pt">
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                            <div style="margin-left: 9pt">&#160;Number)</div>
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              <div style="margin-left: 63pt;">&#160;&#160;120 Wall Street, New York, NY <br>
              </div>
            </td>
            <td style="width: 20%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;</div>
            </td>
            <td style="width: 40%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div style="text-align: center;">10005</div>
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              <div style="margin-left: 63pt;">&#160;&#160;(Address of principal executive offices) <br>
              </div>
            </td>
            <td style="width: 20%; font-family: 'Times New Roman',Times,serif; text-align: left;">
              <div>&#160;</div>
            </td>
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              <div style="text-align: center;">&#160;(Zip Code)</div>
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    <div><font style="font-weight: bold;">&#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-weight: bold;"><br>
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    <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font style="font-weight: bold;">(212) 644-2400</font></div>
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              <div style="text-align: center;">&#160;(Former name or former address, if changed since last report.)</div>
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    <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;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</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;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</font>Soliciting material pursuant to Rule 14a-12 under the
      Exchange Act</div>
    <div><br>
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    <div>&#9744;<font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#160;</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;"> </font><font class="HorizontalTab" style="width: 9pt; font-size: 1px; display: inline-block;">&#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;">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>
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            <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>
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            <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>
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    <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="text-align: justify; margin-right: 18pt; margin-top: 8pt;"> <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.&#160;&#160; &#9744;</div>
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    <div style="font-weight: bold;"> <br>
      Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">The Board of Directors of Siebert Financial Corp. (the &#8220;Company&#8221;), appointed John J. Gebbia as a new member of the Company&#8217;s Board of Directors, effective June 1, 2020. Mr. Gebbia&#8217;s term of office will continue until
      the next annual meeting of the Company&#8217;s shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Since February 2017, Mr. Gebbia has served as a Special Advisor to the Board of Directors. John J. Gebbia commenced his employment in the brokerage industry in 1959. In 1962, Mr. Gebbia became Executive Vice President
      of Walston &amp; Company. After becoming CEO of Jesup &amp; Lamont, an institutional brokerage firm, Mr. Gebbia purchased the company in 1983. Thereafter, Mr. Gebbia owned and/or controlled various brokerage firms including Kennedy Cabot &amp; Co.,
      which was sold in 1997 to Toronto Dominion Bank for $160,000,000.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Mr. Gebbia&#8217;s wife, Gloria E. Gebbia, is a member of the Board of Directors. Further, Gloria E. Gebbia is a member of a Section 13(d) group with Kennedy Cabot Acquisition, LLC and her three sons.</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Mr. Gebbia will not receive compensation for his service on the Company&#8217;s Board of Directors, other than reimbursement of certain expenses incurred in such service.</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">Since the beginning of the Company&#8217;s last fiscal year, there have been no related party transactions involving Mr. Gebbia (or any of his immediate family members) required to be reported under Item 404(a) of Regulation
      S-K, except for the following transactions involving Mr. Gebbia&#8217;s wife, Gloria E. Gebbia, and his sons:</div>
    <div><br>
    </div>
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              <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">As disclosed on a Form 8-K filed on December 4, 2019, 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 its acquisition of Weeden Prime Services, LLC.</div>
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              <div style="margin-left: 18pt;"><font style="font-family: Times New Roman">&#9679;</font></div>
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            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify;">As disclosed on a Form 8-K filed on January 7, 2020,&#160; pursuant to the terms of a an Agreement and Plan of Merger by and between the Company, Muriel Siebert &amp; Co, Inc., a Delaware corporation and
                wholly-owned subsidiary of the Company (&#8220;MSCO&#8221;), StockCross Financial Services, Inc. (&#8220;StockCross&#8221;) and Michael J. Colombino, on behalf of himself and as representative of the other StockCross shareholders, the Company acquired, from the
                StockCross shareholders, all of the StockCross Shares in exchange for a total of 3,298,774 shares of common stock of the Company and StockCross was merged with and into MSCO (the &#8220;Merger&#8221;).&#160; Gloria E. Gebbia was an owner and a director of
                StockCross prior to the Merger and received 269,865 shares of the Company&#8217;s common stock in the Merger. In addition, Mr. Gebbia&#8217;s sons were owners of StockCross prior to the Merger and received a total of 2,276,907 shares of the Company&#8217;s
                common stock in the Merger.</div>
            </td>
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    <div><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt; font-weight: bold;">Forward-Looking Statements.</div>
    <div style="text-align: justify;"><font style="background-color: #FFFFFF;">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 and its Quarterly Reports on Form 10-Q filed with the SEC.</font></div>
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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>
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            <td valign="top" style="width: 50%;">Dated:&#160; June 2, 2020<br>
            </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>
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            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;"><br>
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            <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>
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            <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%;">Executive Vice President, Chief Operating Officer, Chief <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%;">Financial Officer and Secretary</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

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