The Board of Associated Capital Group, Inc. (NYSE:AC) agreed to spin-off its controlling stake in Morgan Group Holding Co. (OTCPK:MGHL) for $0.03 million on March 16, 2020. Pursuant to the terms of the spin-off, Associated Capital Group, Inc., will distribute to its shareholders on a pro rata basis the 50 million shares of Morgan Group Holding Co., that Associated Capital Group, Inc., owns.

Shareholders of Associated Capital Group, Inc., will be eligible to receive, approximately 0.022317 shares of Morgan Group Holding Co., common stock for each share of Associated Capital Group, Inc., common stock they hold on the record date. As of July 20, 2020, the record date of the transaction has been set on July 30, 2020. The transaction has been approved by the Board of Associated Capital Group, Inc. The distribution is expected to occur on July 30, 2020.