The board of directors of
A-Mark Precious Metals,
Inc. (NASDAQ: AMRK) (A-Mark), a leading
fully integrated precious metals platform, has authorized an
increase in the number of shares which may be repurchased under the
Company’s existing share repurchase program.
Under the revised program, A-Mark is authorized
to repurchase up to 1,221,152 shares of its outstanding common
stock, in addition to the 778,848 shares repurchased under the
program through November 14, 2023, for a total of 2 million shares.
As previously reported, the Company repurchased 171,268 shares
during the fiscal first quarter of 2024 ended September 30, 2023.
In the fiscal second quarter of 2024, the Company has repurchased
an additional 303,417 shares through November 17, 2023. The share
repurchase program expires on June 30, 2028.
“We continue to view our share repurchase
program as an attractive investment opportunity for the Company and
another way to deliver value to our shareholders,” said A-Mark CEO
Greg Roberts.
The actual number of shares repurchased and the
timing of repurchases will be determined by management and will
depend on a number of factors, including stock price, trading
volume, general market conditions, working capital requirements,
and other factors. The stock repurchase program may be modified,
suspended, or terminated at any time. Repurchases of shares under
the program may be made through open market purchases or privately
negotiated transactions, including repurchase plans that satisfy
the conditions of Rule 10b5-1 of the Securities Exchange Act of
1934, as amended.
About A-Mark Precious MetalsFounded 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 seven separately branded,
company-owned websites targeting specific niches within the
precious metals market: JMBullion.com, ProvidentMetals.com,
Silver.com, GoldPrice.org, SilverPrice.org, BGASC.com and
BullionMax.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 four additional direct-to-consumer
brands.
The company operates its Secured Lending segment
through its wholly owned subsidiary, Collateral Finance Corporation
(CFC). 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.
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 and expectations regarding the
Company’s share repurchase program are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995 and the Securities Exchange Act of 1934. Future events,
risks and uncertainties, individually or in the aggregate, could
cause the actual conduct of the share repurchase program to differ
materially from those expressed or implied in these statements.
Factors that could cause the conduct of the share repurchase
program to differ, in addition to those mentioned above, include
the following: the performance of the Company’s business generally;
the cash needed by the Company to fund its operations; the
Company’s acquisition strategy; the Company’s dividend policy; and
general economic, legal and market considerations pertaining to
share repurchase programs. For factors pertaining to risks and
uncertainties relating to the performance of the Company’s business
generally, readers are advised to refer to the Risk Factors
described in the Company’s public filings with the SEC.
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 Relations A-Mark Precious
Metals, Inc.310.587.1410sreiner@amark.com
Investor Relations Contact: Matt Glover and
Greg BradburyGateway Group, Inc.
1-949-574-3860AMRK@gateway-grp.com
A Mark Precious Metals (NASDAQ:AMRK)
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