COSTA MESA, Calif., July 22, 2021 (GLOBE NEWSWIRE) — Spectrum Group International, Inc. (OTC:SPGZ) announced today that it is seeking consents to approve a 1:10 reverse stock split. 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 record date for the consent solicitation is July 22, 2021. To be effective, consents must be returned no later than 5:30 p.m. Pacific time on September 3, 2021. Approval of the reverse stock split requires the consent of the holders of at least a majority of the issued and outstanding shares of common stock on the record date. The Company intends to effect the reverse stock split as soon as possible after the reverse stock split is approved by the majority stockholders, subject to compliance with applicable regulatory requirements.
The Company expects that following the reverse stock split, it will have approximately 2,100 shares of common stock outstanding.
Consent cards or a facsimile should be delivered to the Company c/o Carol Meltzer, Secretary, at 1550 Scenic Ave, Suite 150, Costa Mesa, CA 92626. Consents may also be submitted by facsimile transmission to 844.645.7624 or by email to firstname.lastname@example.org.
The information agent for the consent solicitation is D.F. King & Co. Inc. For additional information and copies of the consent solicitation statement, please contact DF King & Co. Inc. by telephone at 800.848.3402 or by email at email@example.com.
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