BATON ROUGE, La.--(BUSINESS WIRE)--
1347 Property Insurance Holdings, Inc. (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 of its previously announced initial public offering of 1,887,500 shares of its common stock at a price to the public of $8.00 per share, and the exercise in full by representative of the underwriters of a 45-day option to purchase up to 283,125 additional shares of common stock to cover over-allotments.
After the exercise of the over-allotment, PIH issued 2,170,625 common shares for total gross proceeds of $17,365,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
Aegis Capital Corp. acted as sole book-running manager for the offering.
EarlyBirdCapital, Inc. acted as a co-manager for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on March 31st, 2014. In addition, a supplemental registration statement relating to these securities was filed with the Securities and Exchange Commission on March 31st, 2014 and automatically became effective.
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: email@example.com.
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 jurisdiction.
Cautionary Statement Regarding Forward Looking Statements
This press release contains forward-looking statements. Such forward-looking statements reflect PIH’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering and the closing of the offering. When used herein, the words "anticipate, " "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to PIH or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to PIH and are subject to a number of risks, uncertainties, and other factors that could cause PIH actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.
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 insurance.
Additional information about 1347 Property Insurance Holding, Inc. can be found at the Company’s corporate website: www.1347pih.com.
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