Siebert Financial, Kakao Pay End Second Tranche Stock-Purchase Agreement
20 December 2023 - 10:26AM
Dow Jones News
By Sabela Ojea
Siebert Financial and South Korea mobile-payment and
digital-wallet company Kakao Pay have mutually agreed to end their
second tranche stock-purchase agreement.
The companies on Tuesday said the decision comes as a result of
their disagreement over the ability of satisfying the closing
conditions in the stock purchase agreement, among other things.
The resolution removes "any uncertainty that might have
otherwise been present had this compromise not been reached,"
Siebert's Chairman and Chief Executive John Gebbia said.
Kakao Pay will continue to own the 8.1 million shares of Siebert
common stock that it purchased from Siebert in May.
"We welcome the opportunity to continue our strategic investment
in Siebert and look forward to working collaboratively with Siebert
to help grow its business," Kakao Pay's CEO Won-Keun Shin said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
December 19, 2023 18:11 ET (23:11 GMT)
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