In its latest filing, Iroquois Capital Management has reported ownership of 7.12 million shares of National Holdings Corporation (OTCBB:NHLD). The stake amasses 5.8% of the company’s common stock. The holding has edged up from below 7.11 million shares held previously.
National Holdings Corporation (OTCBB:NHLD) is the parent corporation of a number of affiliated financial services companies. The financial services company operates through its wholly owned subsidiaries, and is an independent advisor and broker services company.
In October 2013, National Holdings Corporation (OTCBB:NHLD) announced the completion of its merger with Gilman Ciocia Inc. (OTCMKTS:GTAX). The combination created a diversified investment bank and independent broker-dealer with more than 825 registered representatives and broad financial product and service offerings catering to retail and institutional clients. Under the deal, Gilman Ciocia Inc. (OTCMKTS:GTAX) shareholders received 22.7 million shares of National Holdings Corporation (OTCBB:NHLD) common stock, based on an exchange ratio of 0.235019:1. Also, the consideration includes the assumption of about $5.4 million in debt, which was repaid in full at the closing of the merger.
Earlier this month, Iroquois Capital Management, in an amended filing, disclosed a letter sent to the board of director of MGT Capital Investments Inc. (NYSE:MGT).
In the letter, Iroquois stated that MGT Capital Investments Inc. (NYSE:MGT) disclosed and misconstrued the fund’s private discussion with President and CEO Robert Ladd and CFO Robert Traversa in a 8-K on January 21. Iroquois owns 900,543 shares of MGT Capital Investments Inc. (NYSE:MGT), which represent 9.99% of the company’s common stock.
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