Sandler O'Neill & Partners is bookrunner; offering funds growth
By Devika Patel
Knoxville, Tenn., Dec. 10 - Kingstone Cos. Inc. said it priced a $17.85 million public offering of stock with a $2.68 million greenshoe. The offering was announced Oct. 15.
The company will sell 3 million common shares at $5.95 per share. The price per share reflects a 2.62% discount to the Dec. 9 closing share price of $6.11.
Sandler O'Neill & Partners, LP is the bookrunning manager.
Proceeds will be used to support growth, including product expansion; to repay debt and for general corporate purposes, including acquisitions.
The Hewlett, N.Y., company provides property and casualty insurance products to small businesses and individuals.
| Issuer: | Kingstone Cos. Inc.
|
| Issue: | Common stock
|
| Amount: | $17.85 million
|
| Greenshoe: | $2,677,500
|
| Shares: | 3 million
|
| Price: | $5.95
|
| Warrants: | No
|
| Bookrunner: | Sandler O'Neill & Partners, LP
|
| Announcement date: | Oct. 15
|
| Pricing date: | Dec. 10
|
| Stock symbol: | Nasdaq: KINS
|
| Stock price: | $6.11 at close Dec. 9
|
| Market capitalization: | $24.99 million |
|
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