A real price on the Westside Market Stock Market has been set by a group of investors in a bid to raise $100 million for the struggling brokerage.
The group announced the news in a letter posted to the website of the San Francisco Municipal Market Authority on Friday.
It was signed by James J. Schleifer, who owns a small brokerage in the San Jose area.
The San Francisco municipal market authority has been operating the market since it opened in 1997.
The market’s shares trade in the thousands of dollars each, but are worth more because the market is able to charge a higher price to its customers for its services.
The market’s prices, however, have been volatile in recent years, falling by more than 80% since April last year, according to market research firm Morningstar.
In its letter, the investors said they are “working to raise a minimum of $100M to ensure that we are able to continue to service our customers.”
They said the market’s current price is $4.97 per share, and that it is a “market that will benefit from continued regulation.”