DPW Holdings Inc.’s Subsidiary, DPW Financial Group, Inc., Agrees to Acquire Two Broker-Dealers, One of Which is a Correspondent Clearing Firm
Ault Global Holdings, Inc. (DPW)
NASDAQ:AMEX Investor Relations:
dpwholdings.com
Company Research
Source: Business Wire
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--DPW Holdings, Inc. (NYSE American: DPW), a diversified holding company (“DPW,” or the “Company”), announced that its wholly owned subsidiary DPW Financial Group, Inc. (“DPWF”) has entered into an agreement whereby it will acquire two broker-dealers.Under the terms of the agreement, which was approved by the Company’s Board of Directors on December 17, 2019, DPWF will acquire two SEC registered broker dealers, Glendale Securities, Inc., a retail broker dealer and its correspondent clearing broker dealer. The acquisitions will be completed by DPWF through the issuance of DPWF preferred stock with an aggregate stated value of approximately $15 million. In connection with the acquisitions, DPW will make a loan of approximately $9 million to DPWF.The closing of the agreement is subject to customary conditions, including regulatory clearance, which consists principally of approval by the Financial Industry Regulatory Authority, Inc. (“FINRA”). The
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