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

Rhea-AI Summary

Spectrum Group International (OTC Pink: SPGZ) has completed a 1:10 reverse stock split, affecting shareholders with fewer than 10 shares, who will receive $875 per pre-split share. For 20 business days, the stock will trade under SPGZD before reverting to its original symbol SPGZ. Post-split, approximately 2,100 shares remain outstanding. Stockholders will receive information from American Stock Transfer & Trust Company regarding their shares and cash payments. Spectrum Group specializes in numismatics, paper currency, and collectibles across North America, Europe, and Asia.

Positive

• Completion of a reverse stock split may enhance share price perception.
• Stockholders will receive cash payments for fractional shares.

Negative

• The reverse stock split may indicate previous stock price underperformance.
• Reduced share count could lead to decreased liquidity.

COSTA MESA, Calif., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (OTC Pink: SPGZ) announced that its previously announced 1:10 reverse stock split of the Company’s common stock has been completed. As a consequence of the reverse stock split, stockholders who held 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.

For the next 20 business days, the Company’s common stock will trade under the symbol SPGZD.  The symbol will then revert to SPGZ.

Following the reverse stock split, the Company has approximately 2,100 shares of common stock outstanding.

Stockholders are not required to take any action with respect to the reverse stock split. Stockholders of record will receive information from American Stock Transfer & Trust Company, LLC, the Company's transfer agent, regarding their stock ownership following the reverse stock split and any cash in lieu of fractional shares to which they are entitled. Stockholders who hold their shares in “street name” through brokers, banks or other nominees should contact their nominees regarding the treatment of their shares.

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

FAQ

What is the recent reverse stock split for SPGZ?

Spectrum Group International completed a 1:10 reverse stock split.

What happens to fractional shares after the reverse stock split of SPGZ?

Stockholders with fewer than 10 shares will receive $875 per pre-split share.

How many shares are outstanding after the SPGZ reverse stock split?

Approximately 2,100 shares of common stock are outstanding.

What is the temporary stock symbol for SPGZ post-reverse split?

The temporary symbol is SPGZD for 20 business days.

How will stockholders be informed about their shares after the reverse split of SPGZ?

Stockholders will receive information from American Stock Transfer & Trust Company regarding their shares.