<SEC-DOCUMENT>0001213900-23-033342.txt : 20230427
<SEC-HEADER>0001213900-23-033342.hdr.sgml : 20230427
<ACCEPTANCE-DATETIME>20230427171137
ACCESSION NUMBER:		0001213900-23-033342
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230427
DATE AS OF CHANGE:		20230427

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-05703
		FILM NUMBER:		23858405

	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>DEFA14A
<SEQUENCE>1
<FILENAME>ea177595-defa14a_siebert.htm
<DESCRIPTION>DEFA14A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a)<BR>
of the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt">Filed by the Registrant</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Filed by a Party other than the Registrant </FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Check the appropriate box:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Preliminary Proxy Statement</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Soliciting Material Under Rule 14a-12</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Siebert Financial Corp.</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center">(Name of Registrant as Specified In Its Charter)</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 3pt">Payment of Filing Fee (Check the appropriate box):</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">No fee required.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 93%"><FONT STYLE="font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title of each class of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">4)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">5)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Total fee paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">Fee paid previously with preliminary materials:</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 92%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 93%; text-align: justify"><FONT STYLE="font-size: 10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">1)</FONT></TD>
    <TD STYLE="width: 86%; text-align: justify"><FONT STYLE="font-size: 10pt">Amount previously paid:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">2)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">3)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Filing Party:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid"><FONT STYLE="font-size: 10pt">4)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Date Filed:</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: justify">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><B><STRIKE>Important Notice Regarding the
Availability of Proxy Materials for the Annual Meeting:</STRIKE></B><STRIKE> The Notice &amp; Proxy Statement, Annual Report is/are available
at www.proxyvote.com.</STRIKE></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><IMG SRC="image_001.jpg" ALT="Text&#10;&#10;Description automatically generated" STYLE="height: 66px; width: 171px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Global Fintech Innovator Kakao Pay Makes Investment
In Siebert Financial Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 210.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Kakao Pay announced an agreement to purchase a 19.9% stake of Siebert of
newly issued shares on April 27, 2023, and subject to shareholder and regulatory approval, Kakao Pay will acquire an additional 31.1%
of Siebert of newly issued shares</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Kakao Pay, a fintech subsidiary of Korean-based conglomerate Kakao Corp.,
has approximately 40 million registered users and offers a diverse array of financial services</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NEW
YORK &amp; SEOUL &ndash; April 27, 2023 &ndash;</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Siebert
Financial Corp.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(NASDAQ: </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIEB</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>)
(&ldquo;Siebert&rdquo;)</B>, today announced that it has entered into an agreement to issue shares in Siebert to </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Kakao
Pay Corp.</B></FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(&ldquo;Kakao Pay&rdquo;), a fintech
subsidiary of Korean-based conglomerate Kakao Corp. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kakao Pay announced an agreement to purchase a 19.9%
stake of Siebert of newly issued shares for approximately $17 million on April 27, 2023, and subject to shareholder and regulatory approval,
Kakao Pay will acquire an additional 31.1% of Siebert of newly issued shares. After the close of the second transaction, Kakao Pay will
become the largest shareholder of Siebert with a total of 51% ownership of Siebert. The Gebbia family will continue to hold significant
ownership, and Siebert&rsquo;s current management team, led by the Gebbia family, will continue to manage the company&rsquo;s operations
and branch locations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The senior management teams at Siebert and Kakao Pay
have a shared vision that supports each firm&rsquo;s strategic direction. The partnership and capital infusion will accelerate Siebert&rsquo;s
growth plans while broadening its platform and distribution capabilities. Kakao Pay will leverage its technology expertise in the financial
services sector and work in partnership with Siebert to strengthen the company&rsquo;s business and growth strategy, while providing an
enhanced user experience and additional benefits for users who invest in foreign stocks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since 2014, Kakao Pay has served the Korean market
including online/offline payment, money transfer, investing, membership, bill payment, and authentication services. Kakao Pay&rsquo;s
subsidiary, Kakao Pay Securities, enables users to easily invest in a diverse offering of financial products and is currently offering
the lowest transaction fee for U.S. stock online trading in Korea.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;We are excited to announce this transaction
with Kakao Pay which will enhance our capabilities and accelerate our growth plans,&rdquo; said Gloria E. Gebbia, controlling shareholder
and Board Member of Siebert. &ldquo;The partnership with Kakao Pay will provide us with significant financial resources to opportunistically
invest in our key business lines while leveraging the expertise and technological capabilities of one of the leading financial services
innovators in the Korean market to expand our reach and enhance our technology offerings. We look forward to working with Kakao Pay as
we chart the next phase of our evolution to empower our clients&rsquo; success.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&ldquo;Kakao Pay has attained a great opportunity
to expand its financial business abroad by making a strategic investment in Siebert, a company with over 55 years of tradition and experience,&rdquo;
said Won-Keun Shin, the CEO of Kakao Pay. &ldquo;We will continue to enhance our user experience and benefits as a financial platform
and seek new chances for innovation in the global market.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>###</B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Notice to Investors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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 STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Siebert Financial Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Siebert is a diversified financial services company
and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 33.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Siebert operates through its subsidiaries Muriel Siebert
&amp; Co., Inc., Siebert AdvisorNXT, Inc., Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC and
StockCross Digital Solutions, Ltd. Through these entities, Siebert provides a full range of brokerage and financial advisory services
including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration
solutions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available
at www.siebert.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>About Kakao Pay</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Kakao Pay is a TechFin subsidiary of Kakao Corp.,
spun off in April 2017. Kakao Pay has been building a lifestyle financial platform leading the transition into a wallet-less society where
all we need is a smartphone to pursue any economic activity at any time in any place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Since Kakao Pay launched the first mobile payment
service in Korea in 2014, Kakao Pay has grown into the industry&rsquo;s leading innovator, offering a diverse lineup of innovative financial
services including online/offline payment, money transfer, membership, bill payment, and authentication. Starting with the investment
service in November 2018, Kakao Pay has expanded its services from credit rating to loans and insurance providing easy access to financial
services for everyone. The company is alleviating multiple inconveniences by offering daily financial services and accomplishing remarkable
growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Cautionary Note Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The statements contained in
this press release, that are not historical facts, including statements about our beliefs and expectations, are &ldquo;forward-looking
statements&rdquo; 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 &ldquo;may,&rdquo; &ldquo;could,&rdquo; &ldquo;would,&rdquo; &ldquo;should,&rdquo;
&ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;plan,&rdquo; &ldquo;estimate,&rdquo; &ldquo;target,&rdquo;
&ldquo;project,&rdquo; &ldquo;intend&rdquo; 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 STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">These forward-looking statements,
which reflect our management&rsquo;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, global economic downturns
resulting from extraordinary events; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investor
Relations:</B><BR>
Alex Kovtun and Matt Glover<BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gateway Group,
Inc.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
949-574-3860<U><BR>
</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sieb@gatewayir.com</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in; color: red">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.25in">&nbsp;</P>

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