Spectrum Group International Announces Results of Consent Solicitation for 1:10 Reverse Stock Split
Rhea-AI Summary
Spectrum Group International (OTC Pink: SPGZ) announced a 1:10 reverse stock split approved by 57% of its shareholders. This split means that stockholders with fewer than 10 shares will receive $875 per pre-split share instead of fractional shares. The reverse stock split aims to reduce the number of outstanding shares to approximately 2,100. The company is awaiting financial regulatory clearance to implement this change. Spectrum Group specializes in numismatics and collectibles, with operations in North America, Europe, and Asia.
Positive
- Approval of 1:10 reverse stock split by 57% of shareholders
- Moving to reduce outstanding shares to approximately 2,100
Negative
- None.
AI-generated analysis. How Rhea-AI works. Not financial advice.
COSTA MESA, Calif., Oct. 08, 2021 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (OTC Pink: SPGZ) announced that it had received the consent of holders of
The Company intends to effect the reverse stock split as soon as possible after receipt of applicable financial regulatory clearance, an application for which is pending.
The Company expects that following consummation of the reverse stock split, it will have approximately 2,100 shares of common stock outstanding.
About Spectrum Group International
Spectrum Group International 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
Contact:
Carol Meltzer
Spectrum Group International
914-548-5602
