20. SUBSEQUENT EVENTS

Stock Split in the Form of a Dividend

On April 28, 2022, the Company’s Board of Directors declared a two-for-one split of A-Mark’s common stock in the form of a stock dividend. Each stockholder of record at the close of business on May 23, 2022 will receive a dividend of one additional share of common stock for every share held on the record date, to be distributed after the close of trading on June 6, 2022.

Increased Investment In Silver Gold Bull, Inc.

On April 28, 2022, the Company entered into an agreement to increase its ownership interest in Silver Gold Bull, Inc. ("Silver Gold Bull") from 7.4% to 47.4% for a purchase price of approximately $44.0 million, consisting of $34.0 million in cash and 126,964 shares of the Company’s common stock (without giving effect to the stock dividend referred to in the preceding paragraph.) A-Mark had acquired its initial interest in Silver Gold Bull in 2014, increasing its investment to 7.4% in 2018. Founded in 2009, Silver Gold Bull is a leading e-commerce precious metals retailer in Canada.

Under the terms of the agreement, A-Mark will also extend its existing exclusive supplier agreement with Silver Gold Bull for an additional four years, to December 2026. The Company will also have the option, exercisable between months 18 and 27 following the closing, to purchase an additional 27.7% of the outstanding equity of Silver Gold Bull to bring its ownership interest to 75%.

The acquisition is expected to close in the fourth quarter of fiscal 2022, subject to customary closing conditions and regulatory approval.