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1347 Property Insurance Holdings launches preferred stock offering

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1347 Property Insurance Holdings launches preferred stock offering

1347 Property Insurance Holdings Inc. commenced an underwritten public offering of 800,000 shares of 8.00% cumulative preferred stock series A at a price of $25.00 per share.

The company also granted the underwriters a 30-day option to purchase up to an additional 120,000 preferred shares.

1347 Property intends to use the net proceeds of the offering to support organic growth, including spending for business development, sales and marketing and working capital, future potential acquisition opportunities, and to repurchase its series B preferred stock from IWS Acquisition Corp., an affiliate of Kingsway Financial Services Inc.

Boenning & Scattergood Inc. is acting as sole book-running manager for the offering. American Capital Partners LLC and Joseph Gunnar & Co. LLC are acting as co-managers.