RYE, N.Y.–(BUSINESS WIRE)–Morgan Group Holding Co. (“Morgan”, OTC: MGHL) is today announcing an
agreement in principle with Associated Capital Group (“AC”, NYSE:AC), to
acquire a subsidiary of AC, G.Research, LLC. Under the proposed terms,
Morgan will acquire G.Research for 50,000,000 shares of Morgan’s common
stock. The transaction is subject to the execution of definitive
documents and the satisfaction of customary closing conditions and
regulatory approvals. Accordingly, no assurances can be given that a
binding agreement will be entered into, that the proposed transaction
will be consummated or the timing thereof.
G. Research, LLC is an institutional research services firm founded in
1976. The firm covers automotive, basic materials, consumer staples,
financials, healthcare, industrials, media, technology, and
telecommunications industries, with an emphasis on small and mid-cap
securities.
After the closing of the transaction, AC will hold approximately 91% of
Morgan’s outstanding common shares.
Commensurate with the closing of the transaction, Morgan’s current Board
of Directors, Mario J. Gabelli and Robert E. Dolan will resign as
Directors and Mr. Dolan will step down from his position as Chief
Executive Officer and Chief Financial Officer.
Morgan is a holding company that was spun off from LICT Corporation in
January 2000 with a growth strategy to acquire businesses.
This release contains certain forward-looking information within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. It
should be recognized that such information may be based upon
assumptions, projections and forecasts, and must be read considering the
cautionary statements set forth in documents filed by Morgan Group
Holding Co. As a result, there can be no assurance that any possible
transactions will be accomplished or be successful or that the financial
targets will be met, and such information is subject to uncertainties,
risks and inaccuracies, which could be material.
Morgan Group Holding Co.’s web address is: www.morgangroupholdingco.com.
401 Theodore Fremd Avenue, Rye, NY 10580
Contacts
Robert E. Dolan
Chief Executive Officer and Chief Financial Officer
914-921-1877