Spectrum Group International is undertaking a complicated spin-off/deregistering transaction. Spectrum will first spin off A-Mark Precious Metals, its consistently profitable precious metals trading business, separating that good business from Spectrum's smaller and loss-making collectibles business. Shareholders will receive 1 share of A-Mark for every 4 shares of Spectrum they currently hold. Immediately following the spin-off, Spectrum will execute a 1 share for 1,000 shares reverse split, reducing the number of shareholders in the remaining collectibles business below 300 and ending the company's financial reporting obligations. Fractional shares resulting from the reverse split will be cashed out at $0.65 per pre-split share.