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Federated National Holding Co Announces Pricing of $26 Million Offering of Common Stock


Wednesday, 20 Nov 2013 08:31am EST 

Federated National Holding Co announced that it has priced an underwritten public offering of 2,418,605 shares of its common stock at a price to the public of $10.75 per share for gross proceeds of $26.0 million. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by the Company, will be approximately $24.2 million. The Company has also granted the underwriters a 30-day option to purchase up to an additional 362,790 shares of common stock offered in the public offering to cover overallotments, if any. The Company will use the net proceeds from the sale of the common stock for general working capital purposes, including as statutory capital in support of the Company's growth. The closing of the offering is subject to market and other conditions. The offering is expected to close on November 25, 2013. Raymond James & Associates, Inc. is serving as book-running manager and Janney Montgomery Scott LLC is acting as co-manager. 

Company Quote

23.21
-0.28 -1.19%
11 Jul 2014