Dominari Financial Granted Approval to Acquire Broker Dealer

Rhea-AI Summary

On March 21, 2023, Dominari Holdings Inc. (Nasdaq: DOMH) announced that FINRA has approved the change in ownership allowing its subsidiary, Dominari Financial Inc., to fully acquire Fieldpoint Private Securities LLC. This approval marks a significant step in Dominari's transition into fintech and financial services, following a previously disclosed agreement to purchase Fieldpoint. The final closing is expected within five business days post-FINRA approval. The move aligns with Dominari's strategic pivot from its earlier focus on developing therapeutics.

Positive

• FINRA approval for acquisition enhances company’s fintech capabilities.
• Transition from therapeutics to financial services may unlock new revenue streams.
• Expected final closing within five business days signifies swift progress in the acquisition.

Negative

• Shift away from therapeutic development may impact existing investor sentiment.
• Need for successful integration of Fieldpoint Private Securities could present operational challenges.

NEW YORK, March 21, 2023 /PRNewswire/ -- Dominari Holdings Inc. (Nasdaq: DOMH) ("Dominari" or the "Company") today reported that on March 20, 2023, pursuant to FINRA Rule 1017, FINRA has approved the proposed change in ownership whereby its subsidiary Dominari Financial Inc. will become the sole owner of Fieldpoint Private Securities LLC.  This matter is the next step in the previously announced agreement to buy Fieldpoint Private Securities.  Final acquisition of the broker dealer is subject to a final closing, which by agreement among the parties, should occur within five (5) business days of FINRA approval.

About Dominari Holdings Inc.

Dominari Holdings Inc. (f/k/a Aikido Pharma Inc.) until recently was focused primarily on the development of a diverse portfolio of small-molecule anticancer and antiviral therapeutics and related patent technology. In September 2022, the Company agreed to acquire a registered broker-dealer and transition its primary business operations to fintech and financial services.  Upon the final closing of this acquisition, the Company's fintech and financial services business will be operated through its subsidiary, Dominari Financial Inc. The Company continues to develop its therapeutics and related patent technology, as well as other ventures, through its subsidiary, Aikido Labs, LLC.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the SEC, which include but are not limited to Risk Factors relating to its business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Investor Relations:      

Hayden IR
Brett Maas, Managing Partner
Phone: (646) 536-7331
Email: brett@haydenir.com
www.haydenir.com

Dominari Holdings Inc. (f/k/a AIkido Pharma Inc):

Phone: 212-745-1373
Email: investorrelations@aikidopharma.com
www.aikidopharma.com

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SOURCE Dominari Holdings Inc.

FAQ

What acquisition did Dominari Holdings announce on March 21, 2023?

Dominari Holdings announced the FINRA approval for its subsidiary, Dominari Financial Inc., to acquire Fieldpoint Private Securities LLC.

How does the acquisition affect Dominari's business focus?

The acquisition signifies Dominari's shift from therapeutics development to fintech and financial services.

When is the final closing of the acquisition expected?

The final closing of the acquisition is expected to occur within five business days following FINRA approval.

What is the significance of the FINRA approval for Dominari Holdings?

The FINRA approval allows Dominari to expand its business operations and potentially increase revenue through financial services.