Tiptree Inc. has filed a prospectus for the sale of up to 756,046 class A common shares by selling stockholders at a maximum aggregate offering price of approximately $5 million, including a stake in the company held by Reliance Investors LLC.
Pursuant to the prospectus, Reliance Investors LLC may sell a maximum of 697,886 class A common shares in the company, according to a 2016 regulatory filing. Those investors received the shares on Aug. 11, 2016, as an annual earn-out consideration in connection with Tiptree's acquisition of Reliance First Capital LLC in 2015.
The selling stockholders may sell the shares from time to time at prices determined by the prevailing market price for the shares or in negotiated transactions.
Tiptree will not receive any proceeds from the sale.