Siebert Financial Corp. (NASDAQ:SIEB), a company specializing in brokerage services, announced the results of its Annual Meeting of Shareholders held on November 1, 2024. Shareholders voted on the election of directors and the ratification of the company's independent registered public accounting firm.
All nominated directors were elected to serve until the 2025 annual meeting. The directors elected are Gloria E. Gebbia, John J. Gebbia, Charles A. Zabatta, Francis V. Cuttita, Andrew H. Reich, Jerry M. Schneider, and Hocheol Shin. Votes for the directors ranged from 32,606,308 to 32,914,029 in favor, with withheld votes from 134,888 to 442,609, indicating strong shareholder support.
Additionally, the appointment of Crowe LLP as the company's independent auditor for the fiscal year 2024 was ratified with a substantial majority. The proposal received 37,074,068 votes in favor, 279,397 against, and 45,451 withheld.
The confirmation of Crowe LLP as Siebert Financial Corp.'s auditor for the upcoming fiscal year ensures continuity in the company's financial oversight. The election of the board members, who are tasked with guiding the company through the next year, reflects shareholder confidence in the current leadership.
Siebert Financial Corp., originally incorporated in New York and now headquartered in Miami Beach, Florida, operates under the ticker symbol SIEB on The Nasdaq Capital Market. The company's focus is on providing brokerage and financial services to its clients.
In other recent news, Siebert Financial Corp. has secured a $20 million revolving credit facility with East West Bank, providing an avenue for acquisitions, stock buybacks, and general corporate needs. The facility, with an initial term of two years, carries an interest rate on the outstanding balance either at the one month Term Secured Overnight Financing Rate plus 3.15% or a minimum of 7.50%. These details were outlined in a recent 8-K filing with the Securities and Exchange Commission.
Siebert Financial has also acquired Gebbia Entertainment LLC, marking a significant expansion into the entertainment and media sectors. The acquisition includes a business partnership with GAMMA Media and L.A. Reid LLC, and secures rights to The Siemens (ETR:SIEGn), an upcoming musical group managed by Akon.
In addition, Raakhee Miller has been appointed as President of Siebert Technologies, LLC, a move expected to enhance the firm's digital platforms. There has also been a change in the company's independent registered public accounting firm, with Crowe LLP appointed as the new auditor for the fiscal year ending December 31, 2024, following the resignation of the former auditor, Baker Tilly US, LLP. These are among the company's recent developments, reflecting a dynamic approach to business expansion and operational enhancements.
InvestingPro Insights
To provide additional context to Siebert Financial Corp.'s recent shareholder meeting results, let's examine some key financial metrics from InvestingPro. The company's market capitalization stands at $102.63 million, reflecting its current market valuation. Siebert has demonstrated strong revenue growth, with a 28.39% increase in the last twelve months as of Q2 2024, and an 18.89% quarterly growth in Q2 2024. This growth trend aligns with the shareholders' confidence expressed in the board election.
InvestingPro Tips highlight that Siebert has been profitable over the last twelve months, which is a positive sign for investors. The company's P/E ratio (adjusted) of 6.63 suggests that it may be undervalued relative to its earnings. This could be of interest to value-oriented investors who supported the current leadership at the annual meeting.
It's worth noting that Siebert has shown a remarkable 58.77% price return over the last three months, indicating recent market optimism. However, an InvestingPro Tip cautions that the company is quickly burning through cash, which shareholders and the newly elected board may need to address in the coming fiscal year.
For readers interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for Siebert Financial Corp., providing deeper insights into the company's financial health and market position.
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