NEW YORK & SALT LAKE CITY--(BUSINESS WIRE)--Siebert Financial Corp. (NASDAQ: SIEB), Overstock.com (OSTK: NASDAQ), and its subsidiary tZERO and have signed a letter of intent to enter into a partnership to offer deeply discounted online trading in Q1 2018 when the transaction is slated to close. Under terms of the agreement, any investor in America who accesses the Muriel Siebert & Co. Inc. portal at Overstock would be able to conduct online trading of US equities for $2.99 per trade through the platform. In addition, Overstock plans to introduce a new tier to its Club O loyalty and membership rewards program to offer that elite membership level the opportunity for online trading at an even deeper discount of $1.99 per trade.
Overstock and Siebert Financial Corp. intend to deliver institutional quality financial services to clients, enhancing the mutual benefits of this paradigm-changing partnership. New customers subscribing to the discount brokerage suite of products would be offered best-in-class services including Smart Order and Routing and Execution services by tZERO’s broker-dealer Speedroute, a FINRA firm, and Clearing Services through StockCross Financial Services, a FINRA firm and affiliate of Siebert Financial Corp.
For years, millions of consumers have trusted Overstock with home, and more recently, auto purchases. Overstock currently delivers world-class service and award-winning customer experiences to over 30 million shoppers per month, as evidenced by its 2017 Loyalty360 Customer Award in Operational Excellence and its six consecutive Mobile Web Awards for its shopping apps.
Siebert Financial Corp. was founded in 1967 by Muriel Siebert, the first woman to own a seat on the New York Stock Exchange and the first to head one of its member firms, Muriel Siebert & Co., Inc. Ms. Siebert was also a pioneer by transforming her firm into a discount brokerage in 1975 on the first day NYSE members were allowed to negotiate commissions.
Of the newly announced intended deal, Overstock CEO Patrick M. Byrne said, “There are multiple complementary facets of the two companies’ trading ecosystems and today they align perfectly to deliver unmatched value to investors. Mickie Siebert showed that women can make it big on Wall Street, and women have always been an important part of Overstock’s success too, so there is a correlation in our pioneering traditions. Just last week, Overstock and its subsidiary, Medici Ventures, signed the Parity Pledge vowing to empower women into leadership positions. With a significant majority of Overstock’s loyal base being women, it is our distinct honor to partner with a legendary woman-owned firm led by Gloria E. Gebbia. Mrs. Gebbia exemplifies all that is great about the advancement of women in leadership and we are honored to deliver the lowest pricing to our growing user base with such a trusted and iconic partner.”
Gloria E. Gebbia, majority shareholder and board member of Siebert Financial said, "We are pleased to partner with Overstock and its founder Dr. Patrick Byrne, who has been a visionary leader in e-commerce. We continue to uphold the enduring vision and legacy of founder Mickie Siebert with our focus on integrity and the safety of investments, as there is no substitute for understanding the cares and concerns of our clients. Together our efforts will be directed towards delivering quality products and services designed to serve the financial needs of our clients, which will always be our top priority."
While maintaining the industry’s deepest discounts for online trading, this partnership plans to introduce the rollout of new products and services such as Blockchain Trading, Crypto Products, and Robo Advisory, along with Free IRA products.
About Siebert Financial Corp.
Siebert Financial is a holding company that conducts its retail discount brokerage business through its wholly-owned subsidiary, Muriel Siebert & Co., Inc. The firm became a member of the NYSE in 1967, when Ms. Siebert became the first woman to own a seat on the Exchange. In addition, in 2014 the Company began business as a registered investment advisor through a wholly-owned subsidiary, Siebert Investment Advisors, Inc. Siebert Financial, based on Wall Street in New York City, serves clients through its branch offices located nationwide and globally online. www.siebertnet.com
Cautionary note regarding forward-looking statements
Statements in this press release that are not statements of historical or current fact constitute “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risks and uncertainties and known and unknown factors that could cause the actual results of the Siebert Financial Corp. (the “Company”) to be materially different from historical results or from any future results expressed or implied by such forward looking statements, including without limitation: changes in general economic and market conditions; changes and prospects for changes in interest rates; fluctuations in volume and prices of securities; changes in demand for brokerage services; competition within and without the brokerage business, including the offer of broader services; competition from electronic discount brokerage firms offering greater discounts on commissions than the Company; the prevalence of a flat fee environment; limited trading opportunities; the method of placing trades by the Company’s customers; computer and telephone system failures; the level of spending by the Company on advertising and promotion; trading errors and the possibility of losses from customer non-payment of amounts due; other increases in expenses and changes in net capital or other regulatory requirements. As a result of these and other factors, the Company may experience material fluctuations in its operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial condition, operating results, and stock price, as well as other risks detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). Accordingly, investors are cautioned not to place undue reliance on any such “forward-looking statements.” The Company undertakes no obligation to update the information contained herein or to publicly announce the result of any revisions to such “forward-looking statements” to reflect future events or developments. An investment in the Company involves various risks, including those mentioned above and those, which are detailed from time to time in the Company’s SEC filings, copies of which may be obtained from the Company or through the SEC’s website.
Notice to Investors
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.
Overstock.com, Inc. Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures’ t0 platform: OSTKP) / Series B Preferred (OTCQX:OSTBP) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. In addition to home goods, Overstock.com offers a variety of products including jewelry, electronics, apparel, and more, as well as a marketplace providing customers access to hundreds of thousands of products from third-party sellers. Additional stores include Worldstock.com, dedicated to selling artisan-crafted products from around the world. Forbes ranked Overstock in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock regularly posts information about the company and other related matters under Investor Relations on its website, http://www.overstock.com.
About Stockcross Financial Services, Inc.
StockCross Financial Services, Inc. is one of the largest privately-owned brokerage firms in the nation. Established in 1971, it has spent many years providing financial guidance and excellent customer service to its clients. Branch offices are located throughout the nation and are staffed with knowledgeable and experienced representatives. Online investment services and phone support offer clients around the world instant and current information on their accounts. StockCross consistently delivers on its full scope of offerings including fixed-income products, online or broker-assisted equity trading, ESOS/ESOP programs across the globe through advanced online trading capabilities, and is a self-clearing firm specializing in fixed income securities, outstanding customer service, and client investment choices. StockCross is headquartered in Beverly Hills. Member FINRA | SIPC | EST. 1971
Online Trading, Corporate Services, Fixed Income, Equities, Institutional Trading, Capital Commitment and Market Making, Retail Investment Services.
About Medici Ventures
Launched in 2014, Medici Ventures is a wholly owned subsidiary of Overstock.com, Inc., created to leverage blockchain technology to solve real-world problems with transparent, efficient and secure solutions. Medici Ventures has a growing portfolio of groundbreaking blockchain-focused investments, including t0.com, Peernova, Bitt, SettleMint, Factom, and IdentityMind, Spera and Symbiont. The company’s majority-owned financial technology company, t0.com, executed the world’s first blockchain-based stock offering in December 2016.
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology. More information is available at tZERO.com.