1347 Property Insurance Holdings Inc. closed its public offering of 640,000 shares of 8.00% series A cumulative preferred stock at a price of $25.00 per share, generating net proceeds of about $14.9 million.
The underwriters have been granted a 30-day option to purchase up to an additional 96,000 preferred shares. 1347 Property Insurance Holdings has also filed an application to list the shares on the Nasdaq Stock Market under the symbol PIHPP.
Net proceeds will be used 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 Kingsway Financial Services Inc. affiliate IWS Acquisition Corp.
Boenning & Scattergood Inc. acted as sole book-running manager. American Capital Partners LLC and Joseph Gunnar & Co. LLC acted as co-managers for the offering.
