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-$1.8 Million Investment Affirms Marygold’s Corporate Strategy of Focusing on Financial Services/Fintech Sector-
SAN CLEMENTE, Calif., October 24, 2024--(BUSINESS WIRE)--The Marygold Companies, Inc. ("TMC" or the "Company") (NYSE American: MGLD), a diversified global holding firm, today announced it has acquired a 7.95% ownership position, investing $1.8 million, in Delaware based Midland Capital Holdings Corporation (MCHC), a privately owned holding company whose principal operating entity is Midland Federal Savings and Loan Association ("Midland Federal"), headquartered in Bridgeview, Illinois.
Operating continuously in the greater Chicago area since 1914, Midland Federal has total assets of approximately $115 million, with four full-service branch offices—two in Chicago, and in nearby Bridgeview and Homer Glen, Illinois.
As part of the transaction, TMC also holds 180,044 warrants to purchase 180,044 additional shares of MCHC at an exercise price of $22.25. The warrants expire on February 27, 2034.
"The transaction affirms our corporate strategy and focus on the financial services and fintech sector," said Nicholas Gerber, CEO of TMC. "It follows our recent acquisitions of UK-based investment advisory firms Tiger Financial & Asset Management and Step By Step Financial Planners, which are now wholly owned TMC indirect subsidiaries, plus our long-established ETF management subsidiary, USCF Investments, with approximately $3.2 billion in assets under management.
"In addition, we recently completed the development and have initiated marketing of an innovative mobile fintech app that enables users to spend, invest and save. The app was soft-launched in the U.S. last year, with plans underway for further market penetration in the U.S. and introduction in the UK later this year," Gerber added.
Joe Kirkeeng, who serves as Chief Executive Officer of both MCHC and Midland Federal, said, "We are pleased that TMC, with its expertise in financial services, has become a significant investor in our company. With the acquisition of Midland Federal, we look forward to expanding the bank’s offerings and further enhancing technology, while serving our community by offering the same outstanding service and convenience our customers have come to expect."
About The Marygold Companies, Inc.
The Marygold Companies was founded in 1996 and repositioned as a global holding firm in 2015. The Company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products, under the trade names USCF Investments, Marygold & Co., Tiger Financial & Asset Management Limited, Step By Step Financial Planners, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, U.K., and Canada. For more information, visit www.themarygoldcompanies.com.