Bookrunner Raymond James, co-manager Janney Montgomery Scott assisted
By Devika Patel
Knoxville, Tenn., Nov. 25 - Federated National Holding Co. reported that the underwriters for its public sale of common stock opted to exercise the deal's $3.9 million greenshoe in full for total proceeds of $29.9 million. The deal was announced Nov. 8.
In an 8-K filed Monday with the Securities and Exchange Commission, the company said it sold 2,781,395 common shares at $10.75 per share. The price per share is a 14.14% discount to the Nov. 22 closing share price of $12.52. Of the shares, 362,790 were part of the fully exercised greenshoe.
Raymond James & Associates, Inc. was the bookrunner.
Proceeds will be used for general working capital purposes.
The insurance holding company is based in Sunrise, Fla.
| Issuer: | Federated National Holding Co.
|
| Issue: | Common stock
|
| Amount: | $29,899,996 (including $3.9 million greenshoe)
|
| Shares: | 2,781,395
|
| Price: | $10.75
|
| Warrants: | No
|
| Bookrunner: | Raymond James & Associates, Inc.
|
| Co-manager: | Janney Montgomery Scott
|
| Announcement date: | Nov. 8
|
| Settlement date: | Nov. 25
|
| Stock symbol: | Nasdaq: FNHC
|
| Stock price: | $12.52 at close Nov. 22
|
| Market capitalization: | $103.82 million
|
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