1347 Property Insurance Holdings, Inc. Announces Closing of Public Offering of 8.00% Cumulative Preferred Stock, Series A

By a News Reporter-Staff News Editor at Investment Weekly News -- 347 Property Insurance Holdings, Inc. (Nasdaq: PIH) announced that it has closed its previously announced public offering of 640,000 shares of 8.00% Cumulative Preferred Stock, Series A ("Cumulative Preferred Stock"), at a price of $25.00 per share, for aggregate net proceeds of approximately $14.9 million after deducting the underwriting discount and the Company's estimated expenses. In addition, 1347 Property Insurance Holdings has granted the underwriters a 30-day option to purchase up to an additional 96,000 shares of Cumulative Preferred Stock.

The Company has filed an application to list the shares of Cumulative Preferred Stock on the Nasdaq Stock Market under the symbol "PIHPP". If the application is approved, trading is expected to commence within 30 days.

1347 Property Insurance Holdings intends to use the net proceeds of the offering 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 IWS Acquisition Corporation, an affiliate of Kingsway Financial Services, Inc.

Boenning & Scattergood, Inc. acted as sole book-running manager, and American Capital Partners, LLC and Joseph Gunnar & Co., LLC acted as co-managers for the offering.

The offering was made under an effective registration statement filed with the Securities and Exchange Commission ("SEC").

Keywords for this news article include: Business, Investment and Finance, 347 Property Insurance Holdings Inc..

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