COSTA MESA, Calif., Dec. 15, 2023 (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
