Business
Freedom Holding Corp. Set to Acquire Prime Executions, Inc.
Acquisition Will Expand Company's Global Footprint and Sets Stage for U.S. Growth ALMATY, KAZAKHSTAN / ACCESSWIRE / December 21, 2020 / Freedom Holding Corp.
About this update from Freedom Holding Corp.
[{"type":"text","content":"Acquisition Will Expand Company's Global Footprint and Sets Stage for U.S. Growth ALMATY, KAZAKHSTAN / ACCESSWIRE / December 21, 2020 / Freedom Holding Corp. (NASDAQ:FRHC) (the \"Company\") today announced that the Financial Industry Regulatory Authority (\"FINRA\") has approved the continuing membership application filed by Prime Executions, Inc. (\"Prime Executions\"), a Delaware corporation, that will permit the Company to complete the acquisition of Prime Executions. The transaction is expected to close by the first week of January 2021. Prime Executions is a broker dealer registered with the U.S. Securities and Exchange Commission and member of the New York Stock Exchange (\"NYSE\") where it acts as an agency only broker dealer operating from the floor of the exchange. It is also a member of NASDAQ, FINRA and SIPC.Commenting on the acquisition, Company CEO, Timur Turlov stated, \"We are pleased to receive the FINRA approval necessary to allow us to complete the acquisition of Prime Executions, which has a sterling reputation at the New York Stock Exchange, and we look forward to working with the strong team of brokers and market experts that have been delivering exceptional service to clients for the past 29 years. The acquisition of Prime Executions is an important milestone for Freedom Holding, as it will give us a foothold in the U.S. markets that will benefit our clients by assuring them cost efficient and timely execution of U.S. market trades. Also, we expect the addition of Prime Executions will allow us to continue expanding our business by making available to both U.S. and Eurasian market participants the best cross-market financial opportunities.\"The Company also announced that Robert Wotczak has been hired to serve as the President and CEO of Prime Executions. Mr. Wotczak has more than 30 years of capital markets advisory and executive management experience, including employment in senior positions within the American Stock Exchange and the NYSE. Turlov stated, \"Mr. Wotczak has worked with the Company in an advisory capacity during the past two years and we are excited to have him assume the executive leadership of Prime Executions as we move forward with our growth plans for the firm.\"The Company acquired the outstanding shares of Prime Executions from Andrew Silverman and Daniel Tandy. Both Mr. Silverman and...