ECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 9, 2020
________________________________

A-MARK PRECIOUS METALS, INC.

(Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter)
 
Delaware
001-36347
11-2464169
(State or other jurisdiction of
incorporation or organization)
(Commission file number)
(I.R.S. employer identification no.)
 
2121 Rosecrans Avenue
Suite 6300 
El Segundo, CA
 (Address of principal executive offices)
 
 
90245
(Zip code)
 
 
 
Registrant’s telephone number, including area code:  (310) 587-1477 
 
 
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
 
 
¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
 
 
¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
 
 
¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
 
¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of exchange on which is registered
Common Stock, par value $0.01
AMRK
NASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
 
 
 
Emerging growth company ¨
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 
 
 




Item 5.02.    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

A-Mark Precious Metals, Inc. (the “Company”) has appointed Brian Aquilino to the newly-created position of Chief Operating Officer, effective March 9, 2020. As Chief Operating Officer, Mr. Aquilino is now responsible for the alignment of business unit priorities and ensuring operational excellence across the Company and its business units. Mr. Aquilino will report to Gregory Roberts, the Company’s Chief Executive Officer.

Mr. Aquilino, age 48, joined the Company in 2001, and most recently has served as Vice President of Operations since 2010. Mr. Aquilino has over 25 years of operations experience, and received a Bachelor of Arts degree from the University of Denver
Expected terms of a new employment agreement between the Company and Mr. Aquilino will include:

1.
Base salary of $275,000 per year.
2.
Signing bonus equal to $25,000.
3.
Target bonus for fiscal years 2020, 2021, 2022 and 2023 equal to 50% (25% for fiscal year 2020) of base salary, based on achievement of individual and company-wide performance goals.
4.
Term ending June 30, 2023.
5.
Grant of option to purchase 30,000 shares of common stock at 100% of the fair market value per share on the grant date, vesting at the end of the employment term, with a maximum term of ten years. The option will be granted upon signing of the employment agreement.

It is expected that the employment agreement will be signed shortly.

A copy of the Company’s press release relating to the announcement described above, dated March 9, 2020, is furnished as Exhibit 99.1 to this Form 8-K.

Item 9.01. Exhibits

(d) Exhibits:
Exhibit
 
Description
99.1
 
 
 
 




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 10, 2020

A-MARK PRECIOUS METALS, INC.
 
By:    /s/ Carol Meltzer
Name:    Carol Meltzer
Title:    General Counsel and Secretary




Exhibit
Exhibit 99.1


A-Mark Precious Metals Strengthens Senior Leadership Through Promotions of Experienced Team Members

El Segundo, CA – March 9, 2020 – A-Mark Precious Metals, Inc. (NASDAQ: AMRK), a leading full-service provider of products and services to the global precious metals market, has strengthened its senior leadership team through the promotions of key contributors Brian Aquilino and Kevin Pelo. Aquilino has been promoted from Vice President of Operations to Chief Operating Officer (COO) and Pelo from Vice President of Trading to Head of Global Trading. Both promotions are effective immediately.

Aquilino joined A-Mark in 2001 and for the last ten years has served as Vice President of Operations. In addition to managing the day-to-day operations for the company, Aquilino was the chief architect of the build-out and launch of A-Mark’s logistics services brand and facility, A-M Global Logistics, (AMGL), a full-service logistics fulfillment center based in Las Vegas, Nevada. As COO, Aquilino will be responsible for the alignment of business unit priorities and ensuring operational excellence across the company.

“Brian has been an invaluable asset to our team over the last 20 years, and his promotion is well-deserved recognition of his service as well as abilities,” said A-Mark CEO Greg Roberts. “In his new role as COO, Brian will focus on continued improvement and enhancement of AMGL’s products and services, including expanding the facility’s IRA custody services and enhancing its logistics services for our growing e-commerce customer base.”

Pelo joined A-Mark as a bullion trader in 2009 and was promoted to Vice President of Trading in 2017.

“Kevin has been on our trading desk his entire A-Mark career, has grown with us and proved to be a trading talent ready to run the department,” added Roberts. “As our new Head of Global Trading, Kevin will focus on managing our trading team as well as expanding A-Mark’s presence and offerings in Europe.”

About A-Mark Precious Metals
Founded in 1965, A-Mark Precious Metals, Inc. (NASDAQ: AMRK) is a leading full-service precious metals trading company and wholesaler of gold, silver, platinum and palladium bullion and related products. The company’s global customer base includes sovereign and private mints, manufacturers and fabricators, refiners, dealers, financial institutions, industrial users, investors, collectors, and e-commerce and other retail customers. The company conducts its operations through three complementary segments: Wholesale Trading & Ancillary Services, Secured Lending, and Direct Sales.

A-Mark operates several business units in its Wholesale Trading & Ancillary Services segment, including Industrial, Coin and Bar, Trading and Finance, Transcontinental Depository Services (TDS), Logistics, and the Mint (as more fully described below). Its Industrial unit services manufacturers and fabricators of products utilizing precious metals, while its Coin and Bar unit deals in over 200 different products for distribution to dealers and other qualified purchasers. As a U.S. Mint-authorized purchaser of gold, silver and platinum coins, A-Mark purchases bullion products directly from the U.S. Mint for sale to customers. A-Mark also has distributorships with other sovereign mints, including Australia, Austria, Canada, China, Mexico, South Africa





and the United Kingdom. Through its TDS subsidiary, A-Mark provides customers with a variety of managed storage options for precious metals worldwide. Through its A-M Global Logistics subsidiary, A-Mark provides customers an array of complementary services, including receiving, handling, inventorying, processing, packaging and shipping of precious metals and custom coins on a secure basis. A-Mark also holds a majority stake in a joint venture that owns the minting operations known as SilverTowne Mint (Mint), which designs and produces minted silver products which provide greater product selection to customers, price stability within the supply chain as well as more secured access to silver during volatile market environments.

The company operates its Secured Lending segment through its wholly-owned subsidiaries, Collateral Finance Corporation (CFC) and AM Capital Funding, LLC (AMCF). 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. AMCF was formed in 2018 for the purpose of securitizing eligible secured loans of CFC.

A-Mark operates its Direct Sales segment primarily through its wholly-owned subsidiary Goldline Inc. (Goldline), a direct retailer of precious metals for the investor community. Goldline markets A-Mark’s precious metal products through various channels, including radio, television, and the Internet.

A-Mark is headquartered in El Segundo, California, with offices and facilities in Los Angeles, California, Vienna, Austria, Las Vegas, Nevada, and Winchester, Indiana. For more information, visit www.amark.com.

Company Contact:
Thor Gjerdrum, President
A-Mark Precious Metals, Inc.
1-310-587-1414
thor@amark.com

Investor Relations Contact:
Matt Glover
Gateway Investor Relations
1-949-574-3860
AMRK@gatewayir.com