Dear Friends,

We are excited to share an important milestone in the history of Stack's Bowers Galleries. We have entered into a definitive merger agreement to be acquired by A-Mark Precious Metals. Under this agreement, Stack's Bowers Galleries will continue to operate as a standalone, independently operated, wholly-owned subsidiary of A-Mark, a Nasdaq-listed company. We will join A-Mark's portfolio of industry-leading brands, including JM Bullion, Goldline, LPM Group, and Collateral Finance Corporation (CFC).

For nearly a century, Stack's Bowers Galleries has been recognized as a leading numismatic auctioneer, entrusted with the sale of some of the most historically significant and valuable rarities and collections, as well as tens of thousands of more modestly priced numismatic collectibles. In addition to our renowned auctions, we are also a premier wholesale and retail dealership, supplying rare coins, currency, and precious metals to other retailers as well as directly to collectors. This merger with A-Mark will provide us with the resources and scale to accelerate our growth and enhance the services we offer to our valued clients.

By leveraging A-Mark's financial strength and industry expertise, we will be better positioned to continue to expand our auction and dealership businesses. We expect this partnership to enable us to invest in new and existing services, pursue strategic geographic expansion, and capitalize on opportunities for acquiring complementary businesses and advanced technologies. Additionally, access to A-Mark's secured lending solutions through its Collateral Finance Corporation will provide enhanced financing options for consignors and bidders. The cross-promotion of our auction and retail listings to A-Mark's more than 3 million direct-to-consumer customers presents a significant opportunity for growth and added value for our auction consignors.

Going forward, our leadership team will remain in place, ensuring that Stack's Bowers Galleries continues to operate seamlessly with the same dedicated numismatists and employees you have come to know and trust. Your experience with Stack's Bowers Galleries will remain uninterrupted, and we look forward to serving you with even greater capabilities.

To learn more about this transaction, click here to read the official press release.

Sincerely,
Greg Roberts, CEO
Brian Kendrella, President
Andrew Glassman, CFO