A-Mark Closes Previously Announced Acquisition of Retailer JM Bullion

JM Bullion’s CEO and Co-Founder Michael Wittmeyer and Former JMB Chairman Kendall Saville, along with Technology Executive Monique Sanchez, Join A-Mark’s Board of Directors

EL SEGUNDO, Calif., March 19, 2021 (GLOBE NEWSWIRE) -- A-Mark Precious Metals, Inc. (NASDAQ: AMRK) (A-Mark), a leading fully integrated precious metals platform, has closed its previously announced acquisition of the 79.5% of the issued and outstanding shares of JM Bullion, Inc. (JMB), a leading e-commerce retailer of precious metals, not previously owned by A-Mark.

“Today is a significant day for A-Mark’s and JMB’s employees, customers, partners, and shareholders, as we complete the acquisition of JMB and create the industry’s preeminent fully integrated precious metals platform,” said A-Mark CEO Greg Roberts. “As the anchor to our multifaceted direct-to-retail strategy, JMB enables us to more effectively capitalize on the growing demand for precious metals through online and e-commerce channels.”

JMB Transaction Terms
As previously announced, for purposes of the acquisition, the JMB business was valued at $174.0 million, implying a value of approximately $138.3 million for the 79.5% of JMB that A-Mark did not previously own. The adjusted preliminary purchase price was $136.8 million, consisting of $106.5 million in cash and $30.3 million in common stock of the Company. In accordance with the definitive agreement, the cash portion of the purchase price was reduced by 20.53% of the amount of a cash redemption made by JMB to its stockholders (excluding A-Mark) immediately prior to the closing. Taking into account this reduction, along with certain other adjustments specified in the definitive agreement, the total amount paid at closing consisted of $82.3 million of cash and $30.3 million of A-Mark common stock, valued as of the signing of the definitive agreement. A-Mark financed the cash portion of the purchase price with cash on hand and from net proceeds from the Company’s public offering of common stock, which closed on March 8, 2021.

Transaction Advisors
D.A. Davidson & Co. acted as financial advisor to A-Mark and Kramer Levin Naftalis & Frankel LLP acted as legal advisor to A-Mark. Duane Morris LLP acted as legal advisor to JMB.

A-Mark Board of Director Appointments
In connection with the acquisition, JMB CEO and Co-Founder Michael Wittmeyer and Chairman Kendall Saville joined A-Mark’s board of directors. Mr. Wittmeyer also assumed the role of Executive VP of A-Mark’s Direct Sales segment, which includes A-Mark’s existing Goldline business.