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Spectrum Group International Announces Results of Consent Solicitation for 1:10 Reverse Stock Split
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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 57% of its outstanding shares approving a 1:10 reverse stock split of the Company’s common stock. Following the reverse stock split, stockholders of record who hold fewer than 10 shares of common stock before the reverse stock split will receive a cash payment of $875 per pre-reverse stock split share in lieu of receiving a fractional post-reverse stock split share.
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 40% interest in Spectrum Wine Auctions, LLC, the Company is also engaged in the sale of rare and fine vintage wines.
Contact:
Carol Meltzer Spectrum Group International 914-548-5602
spectrum group international is a global trading and collectibles network. we are a trader of precious metal products such as gold, silver, platinum, and palladium, and an auctioneer of coins. we are also a lender offering loans to coin dealers, collectors and investors secured by their precious metals, rare coins, and other collectibles as collateral. spectrum group international’s total revenue exceeded $6.0 billion in fiscal year june 30, 2010, reflecting the success of our strategy to become a global leader in these markets. we are now a fortune 500 company. the trading activities of spectrum group are conducted through a-mark precious metals, one of the largest private sellers of bullion coins and bullion gold, silver and platinum to the wholesale marketplace. a-mark's subsidiary collateral finance corporation, which is the official numismatic lender of the american numismatic association, provides financing on a wide array of bullion and numismatic products. spectrum group's coll
