Spectrum Group International Announces Results of Cash Election Merger
COSTA MESA, Calif., July 09, 2024 (GLOBE NEWSWIRE) -- Spectrum Group International, Inc. (SPGZ) (the “Company”), an integrated network of leading companies concentrating on numismatics (coins) and paper currency, announced the results of its cash election merger, in which certain eligible shareholders could elect to receive either cash consideration or shares in a new holding company. As a result of the merger, the Company became a wholly-owned subsidiary of the holding company, which is being renamed Spectrum Group International, Inc. (“New SGI”)
The merger was consummated on July 9, 2024 by filing of a certificate of merger with the Secretary of State of Delaware.
Prior to the merger, there were 2,035 shares of common stock of the Company outstanding. In connection with the merger, eligible holders of 1,865 shares of common stock of the Company elected to receive shares of common stock of New SGI. The holders of the remaining shares of common stock of the Company will receive cash consideration of $22,000 per share.
All shares of common stock of New SGI will be held of record in uncertificated form with the Registrar and Transfer Agent of New SGI. Equiniti Trust Company, LLC is serving as Registrar and Transfer Agent, and will be distributing statements of account evidencing the issuance of the New SGI shares to the respective holders.
About Spectrum Group International, Inc,
Spectrum Group International, Inc. 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
949-748-4800
