|[April 04, 2014]
1347 Property Insurance Holdings, Inc. Announces Closing of Its Initial Public Offering of Common Stock
BATON ROUGE, La. --(Business Wire)--
1347 Property Insurance Holdings, Inc. (NASDAQ:PIH) ("PIH" or
"the Company"), a property and casualty insurance holding company
offering homeowners and dwelling insurance to individuals in Louisiana
through its wholly owned subsidiary Maison Insurance Company, announced
the closing of its previously announced initial public offering of
1,887,500 shares of its common stock at a price to the public of $8.00
per share, and the exercise in full by representative of the
underwriters of a 45-day option to purchase up to 283,125 additional
shares of common stock to cover over-allotments.
After the exercise of the over-allotment, PIH issued 2,170,625 common
shares for total gross proceeds of $17,365,000, before deducting
underwriting discounts and commissions and other offering expenses
payable by the Company.
Aegis Capital Corp. acted as sole book-running manager for the offering.
EarlyBirdCapital, Inc. acted as a co-manager for the offering.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on March 31st,
2014. In addition, a supplemental registration statement relating to
these securities was filed with the Securities and Exchange Commission
on March 31st, 2014 and automatically became effective.
This offering was made only by means of a prospectus. Copies of the
prospectus relating to this offering may be obtained by contacting Aegis
Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor,
New York, NY 10019, telephone: 212-813-1010, e-mail: firstname.lastname@example.org.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of, these
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
Cautionary Statement Regarding Forward Looking
This press release contains forward-looking statements. Such
forward-looking statements reflect PIH's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. These statements include but are
not limited to statements regarding the intended terms of the offering
and the closing of the offering. When used herein, the words
"anticipate, " "believe," "estimate," "upcoming," "plan," "target",
"intend" and "expect" and similar expressions, as they relate to PIH or
its management, are intended to identify such forward-looking
statements. These forward-looking statements are based on information
currently available to PIH and are subject to a number of risks,
uncertainties, and other factors that could cause PIH actual results,
performance, prospects, and opportunities to differ materially from
those expressed in, or implied by, these forward-looking statements.
About 1347 Property Insurance Holdings, Inc.
1347 Property Insurance Holdings, Inc. is a property and casualty
insurance holding company incorporated in Delaware. In December 2012,
the Company began providing property and casualty insurance to
individuals in Louisiana through its wholly-owned subsidiary Maison
Insurance Company. The Company's insurance offerings currently include
homeowners' insurance, manufactured home insurance and dwelling fire
Additional information about 1347 Property Insurance Holding, Inc. can
be found at the Company's corporate website: www.1347pih.com.
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