Freedom Holding Corp. Completes Acquisition of Prime Executions, Inc.
ALMATY, KAZAKHSTAN / ACCESSWIRE / January 6, 2021 / Freedom Holding Corp. (NASDAQ:FRHC) (the "Company") today announced the successful completion of its acquisition of Prime Executions, Inc., ("Prime") 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 NYSE. The acquisition marks the Company's initial entry into the U.S. markets.
Commenting on the transaction, Robert Wotczak, Prime's newly appointed President and Chief Executive Officer, stated, "This is an exciting time for Freedom Holding Corp. and for Prime Executions. It represents a foundational acquisition for Freedom in the US market while allowing Prime to continue its legacy as a premier provider of institutional trading. I am looking forward to helping build a growing capital markets organization that serves its current and future constituencies both in Eurasia and the U.S."
Timur Turlov, Freedom Holding Corp. Chief Executive Officer stated, "This acquisition results in a well-supported, highly experienced and talented trade executions organization that will be well positioned to meet the evolving needs of Prime's existing customers and of the Company. In December 2020, the combined trading volume of Prime and the Company exceeded 1.06 billion shares and we look forward to additional valuable synergies we expect to be created through this transaction."
Poulton & Yordan acted as legal advisor to Freedom Holding Corp.
About Prime Executions
Prime Executions was founded in 1986 and today is a qualified "Blue Line" NYSE brokerage firm able to access multiple marketplaces to trade on average more than 630,000,000 shares per month to meet client needs. Prime Executions combines an experienced sales team, brokers and all the available technologies provided by the NYSE and several outside vendors to provide exceptional fill rates and less shortfall slippage to a wide variety of clients on both the buy side and sell side. Additional information regarding Prime Executions may be viewed at its website www.primexe.com.
About Freedom Holding Corp.
Freedom Holding Corp., a Nevada corporation, is a financial services holding company conducting retail financial brokerage, investment counseling, securities trading, investment banking and underwriting services through its subsidiaries under the name of Freedom Finance in Eurasia where it employs more than 1,500 persons. The Company is a professional participant in numerous securities exchanges including the Kazakhstan Stock Exchange, Astana International Exchange, Moscow Exchange, Saint-Petersburg Exchange, Republican Stock Exchange of Tashkent, and Ukrainian Exchange. The Company is headquartered in Almaty, Kazakhstan, with administrative office locations in Russia, Cyprus, and the United States.
The Company's common shares are registered with the United States Securities and Exchange Commission and are traded in the United States on the Nasdaq Capital Market, operated by Nasdaq, Inc.
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking" statements. All forward-looking statements are subject to uncertainty and changes in circumstances. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, and regulatory risks and factors identified in the Company's periodic and current reports filed with the Securities and Exchange Commission. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.
Freedom Holding Corp. intends to use its website, https://ir.freedomholdingcorp.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.
SOURCE: Freedom Holding Corp.
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Released January 6, 2021