Insurance Acquisition Corp. completed its IPO of 15,065,000 units at $10.00 per share, including 1,965,000 units issued pursuant to the underwriters' over-allotment option.
The gross proceeds were about $150.7 million. Insurance Acquisition is a blank-check company sponsored by Cohen & Co. Inc. and formed for the purpose of acquiring or merging with one or more businesses or entities in the insurance industry.
The units began trading on March 20 on the Nasdaq Capital Market under the symbol INSUU. Each unit consists of one class A common share and one-half of one warrant, with each whole warrant exercisable for one class A common share at an exercise price of $11.50 per share.
Once the securities making up the units begin separate trading, the class A common shares and warrants are expected to be listed on Nasdaq under the symbols INSU and INSUW, respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.
Cantor Fitzgerald & Co. served as the book-running manager and BTIG LLC acted as lead manager for the offering.