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Spectrum Group International Announces Results of Cash Election Merger

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Spectrum Group International (SPGZ) announced the completion of its cash election merger on July 9, 2024, transitioning into a wholly-owned subsidiary of a new holding company, renamed Spectrum Group International (New SGI). The merger, executed by filing a certificate of merger with Delaware's Secretary of State, allowed eligible shareholders to choose between cash consideration or shares in New SGI. Out of 2,035 outstanding shares, holders of 1,865 shares opted for New SGI stock, while the remaining shareholders will receive $22,000 per share in cash. Equiniti Trust Company will manage the uncertificated shares as the new Registrar and Transfer Agent.

Positive
  • Successful merger completion on July 9, 2024.
  • Majority (1,865 out of 2,035) opted for New SGI stock, indicating confidence in future performance.
  • Cash consideration set at $22,000 per share for remaining shareholders.
Negative
  • None.

COSTA MESA, Calif., July 09, 2024 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (SPGZ) (the “Company”), an integrated network of leading companies concentrating on numismatics (coins) and paper currency, announced the results of its cash election merger, in which certain eligible shareholders could elect to receive either cash consideration or shares in a new holding company.   As a result of the merger, the Company became a wholly-owned subsidiary of the holding company, which is being renamed Spectrum Group International, Inc. (“New SGI”)

The merger was consummated on July 9, 2024 by filing of a certificate of merger with the Secretary of State of Delaware.

Prior to the merger, there were 2,035 shares of common stock of the Company outstanding. In connection with the merger, eligible holders of 1,865 shares of common stock of the Company elected to receive shares of common stock of New SGI. The holders of the remaining shares of common stock of the Company will receive cash consideration of $22,000 per share.

All shares of common stock of New SGI will be held of record in uncertificated form with the Registrar and Transfer Agent of New SGI. Equiniti Trust Company, LLC is serving as Registrar and Transfer Agent, and will be distributing statements of account evidencing the issuance of the New SGI shares to the respective holders.

About Spectrum Group International, Inc,

Spectrum Group International, Inc. operates through its subsidiaries as an integrated network of leading companies concentrating on numismatics (coins) and paper currency. The Company is also a merchant/dealer of certain collectibles. The sale of our products is conducted through auctions – both traditional live auctions as well as Internet only auctions – or through merchant/dealer transactions. The Company has offices and auction houses in North America, Europe and Asia. The Company's principal subsidiary is Stack's-Bowers Numismatics, LLC. In addition, through the Company’s 38% interest in Spectrum Wine Auctions, LLC, the Company is also engaged in the sale of rare and fine vintage wines.

Contact:
Spectrum Group International, Inc.
Greg Roberts
groberts@spectrumgi.com
949-748-4800


FAQ

What is the significance of the Spectrum Group International (SPGZ) merger completed on July 9, 2024?

The merger transformed Spectrum Group International into a wholly-owned subsidiary of a new holding company, renamed Spectrum Group International (New SGI).

How many Spectrum Group International (SPGZ) shareholders elected to receive shares in New SGI?

Eligible holders of 1,865 out of 2,035 shares opted to receive shares in the new holding company, New SGI.

What will the remaining Spectrum Group International (SPGZ) shareholders receive after the merger?

The remaining shareholders will receive cash consideration of $22,000 per share.

Who is managing the new uncertificated shares of New SGI post-merger?

Equiniti Trust Company, is the Registrar and Transfer Agent responsible for managing the uncertificated shares of New SGI.

Spectrum Group International, Inc.

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