Financing offers one right for every four common shares held on May 26
By Devika Patel
Knoxville, Tenn., May 14 – Imperial Holdings, Inc. said it priced a $30.77 million rights offering with a $7.69 million oversubscription privilege.
Investors will receive one right for every four common shares held as of 5 p.m. ET on May 26. The rights allow the holders to buy up to 5,350,747 shares at $5.75 per share, which is a 6.96% discount to the closing share price of $6.18 on May 13.
Chief executive officer Antony Mitchell and Bulldog Investors, LLC intend to participate.
Settlement is expected June 18.
Proceeds will be used to make investments and for general corporate purposes, including premium payments and working capital.
Boca Raton, Fla.-based Imperial Holdings is a specialty finance company with a focus on providing liquidity solutions to owners of illiquid financial assets.
| Issuer: | Imperial Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $30,766,795
|
| Greenshoe: | $7,691,695, 1,337,686 shares
|
| Shares: | 5,350,747
|
| Price: | $5.75
|
| Warrants: | No
|
| Investors: | Antony Mitchell and Bulldog Investors, LLC
|
| Pricing date: | May 14
|
| Record date: | May 26
|
| Settlement date: | June 18
|
| Stock symbol: | NYSE: IFT
|
| Stock price: | $6.18 at close May 13
|
| Market capitalization: | $131.63 million
|
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