Associated Capital Group To Spin-off Morgan Group Holding Co.

GREENWICH, Conn.--(BUSINESS WIRE)--Associated Capital Group, Inc. (NYSE: AC), (“Associated Capital”), announced today that its Board of Directors has approved the spin-off of Morgan Group Holding Co. (“Morgan”, OTC: MGHL) to Associated Capital’s shareholders. Associated Capital will distribute to its shareholders on a pro rata basis the 50,000,000 shares of Morgan that Associated Capital owns. As of December 31, 2019 the book value of Morgan is $6,037,342 in the aggregate and $0.10 per share.

Morgan, through its indirect, wholly-owned subsidiary, G.research, LLC (“G.research”), is an institutional research services firm founded in 1976. G.research is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, that provides institutional research services and acts as an underwriter. This transaction is subject to regulatory approvals and there are no assurances that a transaction will be completed.

About Associated Capital Group, Inc.

Associated Capital, based in Greenwich Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a Gabelli Securities, Inc.). The proprietary capital is earmarked for our direct investment business that invests in new and existing businesses. The direct investment business is developing along three core pillars: Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with $150 million of authorized capital as a “fund-less” sponsor; the SPAC business (Gabelli special purpose acquisition vehicles), launched in April 2018; and Gabelli Principal Strategies Group, LLC (“GPS”) created to pursue strategic operating initiatives.

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