Spectrum Group International Announces Results of Consent Solicitation for 1:10 Reverse Stock Split
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.
Spectrum Group International