Brief: Siebert Financial, Kakao Pay Agree To Terminate Stock Purchase Agreement

Siebert Financial

19/12/2023 23:43

Dec 19 (Reuters) - KakaoPay Corp  377300.KS :
    * SIEBERT FINANCIAL AND KAKAO PAY MUTUALLY AGREE TO
TERMINATE
STOCK PURCHASE AGREEMENT
    * SIEBERT FINANCIAL CORP - SIEBERT WILL MAKE A PAYMENT TO
KAKAO
PAY AS A SETTLEMENT FEE, PAYABLE IN INSTALLMENTS BEGINNING ON
MARCH 29, 2024
    * SIEBERT FINANCIAL - PARTIES TERMINATED SPA AFTER REACHING
COMPROMISE FOR DISAGREEMENT OVER OCCURRENCE OF "PURCHASER
MATERIAL ADVERSE EFFECT" IN SPA
    * SIEBERT FINANCIAL - PARTIES TERMINATED SPA AFTER REACHING
COMPROMISE REGARDING DISAGREEMENT OVER ABILITY OF CLOSING
CONDITIONS IN SPA TO BE SATISFIED
    * SIEBERT FINANCIAL - UNDER TERMS OF AGREEMENT, KAKAO PAY TO
CONTINUE TO OWN 8.1 MILLION SHARES OF SIEBERT COMMON STOCK
PURCHASED FROM SIEBERT IN MAY 2023
    * SIEBERT FINANCIAL - UNDER TERMS OF AGREEMENT, KAKAO PAY TO
RETAIN RIGHT UNDER SEPARATE STOCKHOLDERS' AGREEMENT TO DESIGNATE
1 DIRECTOR TO CO'S BOARD

Source text for Eikon:  ID:nBw8s9wQsa 
Further company coverage:  377300.KS 

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