Chicago, May 18 – FG Financial Group, Inc. announced the pricing for a $4.23 million offering for 8% cumulative perpetual preferred stock, series A, with a $25-par price in a press release on Tuesday evening.
The company sold 169,200 shares and have granted the underwriters a 45-day option to purchase an additional 25,380 shares.
Dividends will be cumulative and payable quarterly with the first payment on June 1.
The stock cannot be redeemed until Feb. 28, 2023, or upon the occurrence of a change of control. After Feb. 28, 2023, the shares can be redeemed at par, plus the dividend, to the date of redemption.
The issue will be listed on Nasdaq as “FGFPP.”
Prior to this offering there were 700,000 shares outstanding.
ThinkEquity is working as the underwriter.
Proceeds from the sale will be used for working capital and other general corporate purposes, which may include capital expenditures, operations purposes and potential acquisitions.
FG Financial Group was previously called 1347 Property Insurance Holdings, Inc. The issuer is a reinsurance and investment management holding company with headquarters in St. Petersburg, Fla.
| Issuer: | FG Financial Group, Inc.
|
| Issue: | Series A cumulative preferred stock
|
| Amount: | $4.23 million, or 169,200 shares
|
| Greenshoe: | 25,380 shares
|
| Maturity: | Perpetual
|
| Bookrunners: | ThinkEquity
|
| Dividend: | 8%
|
| Price: | Par of $25
|
| Call features: | After Feb. 28, 2023 at par plus dividend
|
| Trade date: | May 18
|
| Settlement date: | May 21
|
| Distribution: | SEC registered
|
| Listing: | Nasdaq: FGFPP
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
