Cruttenden Roth Sells RedChip Stake
- Share via
Newport Beach investment banker Cruttenden Roth has sold a 10% stake in RedChip.com Inc., a research firm specializing in small-company stocks, to a Hong Kong investment company for $2 million.
Officials say the deal with Celestial Asia Securities Holdings Ltd. is the first step in a global expansion of the RedChip, a Portland, Ore., research company that operates a Web site and publishes the Red Chip Review.
“We’d like to expand and deliver RedChip reports on an international basis,” said Byron Roth, chairman of Cruttenden Roth, which bought a controlling stake in RedChip in August.
Celestial Asia Securities said it plans to translate RedChip’s research reports and offer them to the company’s investment clients online. Eventually, Celestial hopes to launch a research firm for small-company stocks in Asia.
Roth, whose company now controls a 55% stake in RedChip, said he plans to strike similar deals with companies in other countries.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
