Cohen & Company Inc. has announced that its subsidiary, Insurance Acquisition Corp., has completed its initial public offering, raising $150.65 million.
Insurance Acquisition Corp., which Cohen & Company describes as a “blank check company” formed for the purpose of acquiring or merging with other insurance entities, issued 15,065,000 units at a price of $10.00 per unit.
This includes 1,965,000 units issued pursuant to the underwriters’ over-allotment option, the company explained.
The units commenced trading on March 20, 2019 on the Nasdaq Capital Market under the symbol ‘INSUU,’ with each unit in the offering consisting of one share of the company’s Class A common stock and one-half of one warrant.
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 ‘INSU’ and ‘INSUW,’ respectively.
Cantor Fitzgerald & Co. served as the sole book-running manager and BTIG, LLC as lead manager for the offering.
Insurance Acquisition Corp. granted the underwriters a 45-day option to purchase up to an additional 1,965,000 units at the initial public offering price to cover over-allotments, and on March 21, 2019 the underwriters notified the company that they are exercising the over-allotment option in full.