A-Mark Precious Metals, Inc. (NASDAQ:
AMRK) (A-Mark), a leading fully integrated precious metals
platform, today announced that it has closed its previously
reported agreement to purchase a 25% ownership interest in the
parent company of Atkinsons Bullion & Coins (“Atkinsons”).
Founded in 1990, Atkinsons, which reported revenue of over $130
million in calendar 2022, is a leading United Kingdom-based online
retailer of precious metals, bullion and coins.
In connection with the agreement, A-Mark
received an option, exercisable starting in May 2025, to acquire an
additional 24.5% ownership interest in Atkinsons, which, if
exercised, would increase A-Mark’s ownership interest to 49.5%.
A-Mark and Atkinsons have also entered into a three-year supplier
agreement which includes a renewal provision.
“A-Mark has been working closely with the
Atkinsons team since we announced our proposed investment in
February. I expect that Atkinsons will realize a number of
meaningful benefits by joining our integrated platform,” said
A-Mark CEO Greg Roberts.
About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. is
a leading fully integrated precious metals platform that offers an
array of gold, silver, platinum, palladium, and copper bullion,
numismatic coins, and related products to wholesale and retail
customers via a portfolio of channels. The company conducts its
operations through three complementary segments: Wholesale Sales
& Ancillary Services, Direct-to-Consumer, and Secured Lending.
The company’s global customer base spans sovereign and private
mints, manufacturers and fabricators, refiners, dealers, financial
institutions, industrial users, investors, collectors, e-commerce
customers and other retail customers.
A-Mark’s Wholesale Sales & Ancillary
Services segment distributes and purchases precious metal products
from sovereign and private mints. As a U.S. Mint-authorized
purchaser of gold, silver, and platinum coins since 1986, A-Mark
purchases bullion products directly from the U.S. Mint for sale to
customers. A-Mark also has longstanding distributorships with other
sovereign mints, including Australia, Austria, Canada, China,
Mexico, South Africa, and the United Kingdom. The company sells
more than 200 different products to e-commerce retailers, coin and
bullion dealers, financial institutions, brokerages, and
collectors. In addition, A-Mark sells precious metal products to
industrial users, including metal refiners, manufacturers, and
electronic fabricators.
Through its A-M Global Logistics subsidiary,
A-Mark provides its customers with a range of complementary
services, including managed storage options for precious metals as
well as receiving, handling, inventorying, processing, packaging,
and shipping of precious metals and coins on a secure basis.
A-Mark’s mint operations, which are conducted through its wholly
owned subsidiary Silver Towne Mint, enable the company to offer
customers a wide range of proprietary coin and bar offerings and,
during periods of market volatility when the availability of silver
bullion from sovereign mints is often product constrained,
preferred product access.
A-Mark’s Direct-to-Consumer segment operates as
an omni-channel retailer of precious metals, providing access to a
multitude of products through its wholly owned subsidiaries, JM
Bullion and Goldline. JM Bullion is a leading e-commerce retailer
of precious metals and operates six separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org and BGASC.com. JMB also
owns CyberMetals.com, an online platform where customers can
purchase and sell fractional shares of digital gold, silver,
platinum and palladium bars in a range of denominations. Goldline
markets precious metals directly to the investor community through
various channels, including television, radio, and telephonic sales
efforts. A-Mark also holds minority ownership interests in three
additional direct-to-consumer brands.
The company operates its Secured Lending segment
through its wholly owned subsidiaries, Collateral Finance
Corporation (CFC) and AM Capital Funding. Founded in 2005, CFC is a
California licensed finance lender that originates and acquires
loans secured by bullion and numismatic coins. Its customers
include coin and precious metal dealers, investors, and collectors.
AM Capital Funding was formed in 2018 for the purpose of
securitizing eligible secured loans of CFC.
A-Mark is headquartered in El Segundo, CA and
has additional offices and facilities in the neighboring Los
Angeles area as well as in Dallas, TX, Las Vegas, NV, Winchester,
IN, and Vienna, Austria. For more information, visit
www.amark.com.
A-Mark periodically provides information for
investors on its corporate website, www.amark.com, and its
investor relations website, ir.amark.com. This includes press
releases and other information about financial performance, reports
filed or furnished with the SEC, information on corporate
governance, and investor presentations.
Important Cautions Regarding
Forward-Looking StatementsStatements in this press release
that relate to future plans, objectives, expectations, performance,
events and the like are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
the Securities Exchange Act of 1934. These include statements
relating to expectations regarding future macroeconomic conditions
and demand for precious metal products, and the Company’s ability
to effectively respond to changing economic conditions. Future
events, risks and uncertainties, individually or in the aggregate,
could cause actual results or circumstances to differ materially
from those expressed or implied in these statements. Factors that
could cause actual results to differ include the following: the
failure to execute the Company’s growth strategy, including the
inability to identify suitable or available acquisition or
investment opportunities; greater than anticipated costs incurred
to execute this strategy; the failure to achieve the anticipated
benefits of any pending investment; changes in the current
international political and economic climate, which has favorably
contributed to demand and volatility in the precious metals
markets; potential adverse effects of the current problems in the
national and global supply chains; increased competition for the
Company’s higher margin services, which could depress pricing; the
failure of the Company’s business model to respond to changes in
the market environment as anticipated; changes in consumer demand
and preferences for precious metal products generally; potential
negative effects that inflationary pressure may have on our
business; the inability of the Company to expand capacity at Silver
Towne Mint, the failure of our investee companies to maintain, or
address the preferences of, their customer bases; general risks of
doing business in the commodity markets; and the strategic,
business, economic, financial, political and governmental risks and
other Risk Factors described in in the Company’s public filings
with the Securities and Exchange Commission.
The words "should," "believe," "estimate,"
"expect," "intend," "anticipate," "foresee," "plan" and similar
expressions and variations thereof identify certain of such
forward-looking statements, which speak only as of the dates on
which they were made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements. Readers
are cautioned not to place undue reliance on these forward-looking
statements.
Company Contact:Steve Reiner,
Executive Vice President, Capital Markets & Investor
RelationsA-Mark Precious Metals, Inc.
1-310-587-1410sreiner@amark.com
Investor Relations Contact:Matt
Glover, Matthew HauschGateway Group, Inc.
1-949-574-3860AMRK@gatewayir.com
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