Spectrum Group International Announces Extension of Election Deadline for Proposed Cash Election Merger

Rhea-AI Summary

Spectrum Group International (SPGZ) has announced an extension to the election deadline for its proposed cash election merger. Eligible shareholders now have until June 28, 2024, to choose between receiving $22,000 per share in cash or shares in a new holding company. The previous deadline was June 24, 2024. No other terms of the merger have changed. Shareholders are advised to consult the Consent and Election Statement for detailed information about the election process and the merger's specifics. Equiniti Trust Company, will serve as Tabulation and Exchange Agent, and D.F. King & Co. will act as Information Agent for the merger.

Positive

• Extension of election deadline allows shareholders more time to decide on either cash consideration or shares in a new holding company.
• Shareholders are offered a significant cash consideration of $22,000 per share, which can be an attractive option for immediate liquidity.

Negative

• None.

COSTA MESA, Calif., June 24, 2024 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (SPGZ) (“SGI” or the “Company”), an integrated network of leading companies concentrating on numismatics (coins) and paper currency, announced that it is extending the election deadline with respect to its proposal to effect a cash election merger, in which certain eligible shareholders could elect to receive either cash consideration of $22,000 per share of the Company’s common stock or shares in a new holding company.

The deadline for eligible shareholders to make an election whether to receive cash or share consideration is being extended from June 24, 2024 to June 28, 2024.

All other terms of the proposed cash election merger remain the same. Shareholders should refer to the Consent and Election Statement that has been distributed in connection with the cash election merger for information concerning the election process and other pertinent information concerning the proposed merger.

Equiniti Trust Company, LLC is serving as Tabulation Agent and Exchange Agent, and D.F. King & Co., Inc. is serving as Information Agent, for the merger.

About SGI

SGI 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 new deadline for Spectrum Group International's proposed cash election merger?

The new deadline for Spectrum Group International's proposed cash election merger is June 28, 2024.

What are the options for Spectrum Group International shareholders in the proposed cash election merger?

Shareholders can choose to receive either $22,000 per share in cash or shares in a new holding company.

What is the cash consideration offered in Spectrum Group International's proposed merger?

The cash consideration offered is $22,000 per share of the company's common stock.

Are there any changes to the terms of the proposed cash election merger by Spectrum Group International?

No, there are no changes to the terms of the merger; only the election deadline has been extended.

Which companies are serving as agents for Spectrum Group International's proposed merger?

Equiniti Trust Company, is serving as Tabulation and Exchange Agent, and D.F. King & Co. is serving as Information Agent for the merger.