Fixed income financial services specialist Cohen & Company has announced that INSU Acquisition Corp. II has completed its initial public offering (IPO), raising $230 million in the process.
First announced back in July, INSU Acquisition Corp. II is a blank-check company sponsored by Cohen & Company, formed for the purpose of acquiring or merging with other insurance businesses.
Its IPO consisted of 23,000,000 units at a price of $10.00 per unit, which includes 3,000,000 units issued pursuant to the underwriters’ over-allotment option.
The company’s units began trading on September 3rd on the Nasdaq Capital Market under the symbol ‘INAQU.’
Each unit issued in the offering consists of one share of the company’s Class A common stock and one-third of one warrant, with each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share.
Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on Nasdaq under the symbols ‘INAQ’ and ‘INAQW,’ respectively.
Cantor Fitzgerald & Co. served as the sole book-running manager on the IPO, and Northland Capital Markets acted as co-manager for the offering.
The underwriters purchased an additional 3,000,000 units at the initial public offering price to cover over-allotments.
The launch of INSU Acquisition Corp. II by Cohen & Company follows on from the IPO of the firm’s first acquisition vehicle, Insurance Acquisition Corp., in March 2019, which raised $150 million.
