|[June 13, 2014]
1347 Property Insurance Holdings, Inc. Announces Completion of Public Offering
TAMPA, Fla. --(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 and settlement of its underwritten public offering of 2,875,000
shares of its common stock at a price to the public of $8.00 per share,
which includes 375,000 shares issued upon the exercise in full by the
underwriters of their option to purchase additional shares to cover
The gross proceeds from the sale of the shares will be approximately
$23,000,000 before deducting the underwriters' discounts and other
estimated offering expenses payable by the Company. Total outstanding
common shares are 6,358,125 after the issuance.
Douglas N. Raucy, Chief Executive Officer, commented, "We are pleased to
have completed the offering, which we believe will provide the Company
with the capital to expand quickly in Louisiana and other coastal
markets. We continue to see a number of opportunities to write good
policies in markets where the larger insurance companies are decreasing
their exposure. We believe the Company is properly positioned to
continue its growth and look forward to keeping our shareholders
apprised of our progress."
Aegis Capital Corp acted as sole book-running manager for the offering.
EarlyBirdCapital, Inc. acted as the co-manager for the offering.
A registration statement relating to these securities was declared
effective by the Securities and Exchange Commission on June 10, 2014.
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 includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934 that are not historical facts, and
involve risks and uncertainties that could cause actual results to
differ materially from those expected and projected. Words such as
"expects", "believes", "anticipates", "intends", "estimates", "seeks"
and variations and similar words and expressions are intended to
identify such forward-looking statements. Such forward-looking
statements relate to future events or future performance, but reflect
Company management's current beliefs, based on information currently
available. A number of factors could cause actual events, performance or
results to differ materially from the events, performance and results
discussed in the forward-looking statements. For information identifying
important factors that could cause actual results to differ materially
from those anticipated in the forward-looking statements, please refer
to the section entitled "Risk Factors" in the Company's Quarterly Report
on Form 10-Q for the quarter ended March 31, 2014. Except as expressly
required by applicable securities law, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or
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
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