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DPW Financial Group To Acquire Two Broker-Dealers

DPW Holdings, Inc. (NYSE:DPW), a diversified holding company (“DPW,” or the “Company”), announced that its wholly owned subsidiary DPW Financial Group, Inc. (“DPWF”) has entered into

Benzinga · 01/02/2020 20:35

DPW Holdings, Inc. (NYSE: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.