Spectrum Group International Announces Results of Partial Cash Tender Offer For its Common Shares

Rhea-AI Summary

Spectrum Group International, Inc. (SPGZ) announced the results of its tender offer for common shares, which concluded on February 15, 2023. The offer price was set at $18,000 per share, with a total of 2 shares tendered and accepted. Following the completion of this offer, the outstanding shares of the company now total 1,980, reflecting the 1:10 reverse split implemented in December 2021. SGI operates in numismatics and collectibles, with a strong presence through subsidiaries, including Stack's-Bowers Numismatics, and conducts sales via live and internet auctions. The company also has interests in rare wines through Spectrum Wine Auctions.

Positive

• Completion of tender offer at a premium price of $18,000 per share.
• Only 2 shares tendered indicates a stable share structure post-offer.

Negative

• Only 2 shares tendered reflects low shareholder participation.
• Significant reduction in outstanding shares may limit liquidity.

COSTA MESA, Calif., March 16, 2023 (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 the results of its tender offer (the “Offer”) for its common shares at a price of $18,000 per share in cash that expired on February 15, 2023. A total of 2 shares were tendered and accepted for payment in the Offer. The number of shares tendered and the price per share in the Offer reflect the 1:10 reverse split of the common shares effected in December 2021.

After giving effect to the consummation of the Offer, there are 1,980 common shares of the Company outstanding.

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 40% 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 were the results of Spectrum Group International's tender offer?

The tender offer for common shares at $18,000 per share saw 2 shares tendered and accepted.

What is the current number of outstanding shares for SPGZ after the tender offer?

After the tender offer, there are 1,980 outstanding shares for Spectrum Group International.

When did Spectrum Group International's tender offer expire?

The tender offer expired on February 15, 2023.

What is the significance of the 1:10 reverse split for SPGZ?

The reverse split in December 2021 consolidated shares, impacting the number of outstanding shares to 1,980 post-offer.