Funds used for underwriting activities and general corporate purposes
By Devika Patel
Knoxville, Tenn., March 21 - Oxbridge Re Holdings Ltd. will raise between $10.2 million and $29.31 million in its initial public offering of units, according to a prospectus filed Friday with the Securities and Exchange Commission. The deal was announced on Jan. 27.
The company will sell between 1.7 million and 4,884,650 units of one ordinary share and one warrant at $6.00 per unit, with each warrant exercisable at $7.50 for five years.
Capitol Securities Management, Inc. is the agent and also a joint bookrunner with Henley & Co. LLC.
Settlement is expected March 26.
Proceeds will be used for underwriting activities and general corporate purposes.
The reinsurance company is based in Grand Cayman, Cayman Islands. It expects its shares will trade on the Nasdaq under the symbols, "OXBR."
| Issuer: | Oxbridge Re Holdings Ltd.
|
| Issue: | Units of one ordinary share and one warrant
|
| Amount: | $10.2 million (minimum), $29,307,900 (maximum)
|
| Units: | 1.7 million (minimum), 4,884,650 (maximum)
|
| Price: | $6.00
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.50
|
| Agent: | Capitol Securities Management, Inc.
|
| Bookrunners: | Capitol Securities Management, Inc. and Henley & Co. LLC
|
| Co-managers: | IAA Financial, LLC and International Assets Advisory, LLC
|
| Announcement date: | Jan. 27
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Stock symbol: | Nasdaq: OXBR
|
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