Overstock.com (NASDAQ:OSTK) subsidiary tZero acquires a 24% ownership stake in StockCross Financial Services for $12M.
The company says the investment in FINRA-member StockCross gives it a key partner with the custodial and clearing functionality for tZERO’s trading ecosystem.
"This collaboration unlocks enormous potential and provides us with enterprise-level economies of scale for both of our companies," says tZERO president Jospeh Cammarata.
In connection with this transaction, tZERO will receive approximately 1.2M shares of Siebert.
Source: Press Release
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