UP Fintech Holding Limited Obtains Self-Clearing License in the U.S. Through Acquisition
July 02 2019 - 4:00AM
UP Fintech Holding Limited (“UP Fintech” or the “Company”, or
commonly known as “Tiger Fintech” in Asia) (NASDAQ: TIGR), a
leading online brokerage firm focusing on global Chinese investors,
today announced its wholly-owned US subsidiary, Tiger Fintech
Holdings, Inc. (“Tiger Fintech”) has entered into a definitive
agreement with all shareholders of Marsco Investment Corporation
(“Marsco”), pursuant to which Tiger Fintech agreed to acquire 100%
equity stake in Marsco for the total consideration of approximately
US$9.4 million in a combination of cash and Class A ordinary shares
of UP Fintech, subject to certain price adjustments. The deal is
expected to close in the third quarter of 2019, subject to
customary closing conditions.
Founded in 1986, Marsco is a U.S. online
brokerage service platform that focuses on empowering self-directed
investors with the necessary tools to manage their portfolios.
Mr. Tianhua Wu, Chief Executive Officer and
Director of UP Fintech, stated, “I am very pleased to have Marsco
joining Tiger Fintech. Marsco has a good track record for the past
30 years. It brings in rich broker dealer experience in execution
and clearing that will further solidify our position as the leading
online broker with proprietary technology from front end to back
end. We believe this transaction will provide us with numerous
synergies to accelerate our growth in the U.S and greatly enhance
user experience.”
Mr. Mark Kadison, Co-founder and CEO of Marsco,
said, “We at Marsco are very excited to become part of the Tiger
Fintech team. We believe that the combination of Tiger's
advanced technology driven platform with Marsco’s self-clearing and
back office expertise will offer customers an outstanding
combination of leading-edge technology, innovative products and
competitive pricing.”
About UP Fintech Holding
Limited
UP Fintech Holding Limited is a leading online
brokerage firm focusing on global Chinese investors. The Company’s
proprietary mobile and online trading platform enables investors to
trade in equities and other financial instruments on multiple
exchanges around the world. The Company offers innovative products
and services as well as a superior user experience to customers
through its “mobile first” strategy, which enables it to better
serve and retain current customers as well as attract new ones. The
Company offers customers comprehensive brokerage and value-added
services, including trade order placement and execution, margin
financing, IPO subscription, ESOP management, investor education,
community discussion and customer support. The Company’s
proprietary infrastructure and advanced technology are able to
support trades across multiple currencies, multiple markets,
multiple products, multiple execution venues and multiple
clearinghouses. For more information on the Company, please visit:
https://ir.itiger.com.
Safe Harbor Statement
This article contains “forward-looking
statements” as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as “will,” “expects,” “anticipates,”
“aims,” “future,” “intends,” “plans,” “believes,” “estimates,”
“likely to” and similar statements. Statements that are not
historical facts, including statements about the Company’s beliefs,
plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. These risks and uncertainties and others that relate
to the Company’s business and financial condition are detailed from
time to time in the Company’s Securities and Exchange Commission
filings, and can affect actual results. A number of factors could
cause actual results to differ materially from those contained in
any forward-looking statement. These forward-looking statements are
made only as of the date indicated, and the Company disclaims any
obligation to update or revise the information contained in any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required under applicable
law.
Investor Relations ContactUP
Fintech Holding LimitedEmail: ir@itiger.comTel: +1 (646)
308-1535
Jack WangICR, Inc.Email:
tiger.ir@icrinc.comTel: +1 (646) 308-1535
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