Key Developments: Kingsway Financial Services Inc (KFS.N)

KFS.N on New York Stock Exchange

6.13USD
11 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Kingsway Financial Services Inc's 1347 Capital Corp filing registration for IPO
Tuesday, 6 May 2014 09:00am EDT 

Kingsway Financial Services Inc:Subsidiary, 1347 Capital Corp. filed registration statement on Form S-1 with U.S. Securities and Exchange Commission relating to proposed initial public offering of its units.  Full Article

Kingsway Financial Services Inc announces pricing of common stock of initial public offering of subsidiary 1347 PIH
Monday, 31 Mar 2014 10:00pm EDT 

Kingsway Financial Services Inc:Announced the pricing of the initial public offering of 1,887,500 shares of its common stock at a price to the public of $8.00 per share for its wholly owned subsidiary 1347 Property Insurance Holdings, Inc.PIH has granted the representative of the underwriters a 45-day option to purchase up to 283,125 additional shares of common stock to cover over-allotments, if any.Shares of PIH common stock are expected to trade on The NASDAQ Capital Market under the symbol "PIH" beginning on or about April 1, 2014.The closing of the offering is expected on or about April 4, 2014 subject to customary closing conditions.Aegis Capital Corp. is acting as sole book-running manager for the offering.EarlyBirdCapital, Inc. is acting as a co-manager for the offering.  Full Article

Kingsway subsidiary 1347 Capital LLC signs letter of intent to sponsor initial public offering via SPAC
Monday, 17 Mar 2014 09:15am EDT 

Kingsway Financial Services Inc:Signs letter of intent to sponsor initial public offering by special purpose acquisition company to be formed by it.Offering is expected to include four million units, each unit consisting of one share of common stock, one right to acquire one-tenth of share of common stock, and one-half of warrant to acquire share of common stock, at offering price of U.S. $10 per unit.  Full Article

Kingsway Financial Services Inc's subsidiary plans registered public offering of its common stock
Friday, 6 Dec 2013 09:30am EST 

Kingsway Financial Services Inc:Says its wholly-owned subsidiary, 1347 Property Insurance Holdings, Inc, formerly known as Maison Insurance Holdings, Inc plans to conduct an initial public offering of its common stock.Says the offering is expected to commence after the SEC completes the review process initiated by PIH's confidential filing of a draft registration statement with the SEC on Dec.6.  Full Article

Kingsway Financial Services Inc Announces Preliminary Results Of Rights Offering
Monday, 9 Sep 2013 08:00am EDT 

Kingsway Financial Services Inc announced the preliminary results of its previously announced rights offering, which expired in accordance with its terms at 5:00 p.m. (Eastern) on September 6, 2013. The Company has been informed by the subscription agent that subscription rights were exercised for approximately $13 million, or approximately 3.2 million units, based on preliminary information. The final results are expected to be determined on or about September 12, 2013. The closing of the rights offering and issuance of the shares and related warrants is expected to occur on or about September 16, 2013.  Full Article

Kingsway Financial Services Inc Announces Signing Of Non-Binding Letter Of Intent With Atlas Financial Holdings Inc To Sell Holdings Of Atlas Financial Inc Preferred Shares
Monday, 8 Jul 2013 10:08pm EDT 

Kingsway Financial Services Inc announced that it has entered into a non-binding letter of intent with Atlas Financial Holdings, Inc. (Atlas) to sell its holdings of Atlas preferred shares for 90% of liquidation value, or $16.2 million. This transaction is to be structured as follows: Upon execution of definitive agreements, Atlas will pay Kingsway $7.5 million in cash; The remaining sale proceeds are expected to be funded primarily from cash raised by Atlas from the exercise of outstanding Atlas warrants which expire on December 31, 2013; and Any amounts which remain unpaid after December 31, 2013 are intended to be reflected in promissory notes with due dates not later than April 30, 2014. To the extent there is a balance owing, an annual interest rate of 4.5% will apply to such balance through the final payment date. The parties will not be legally bound to this transaction until definitive agreements are executed.  Full Article

Kingsway Financial Services Inc Announces Terms Of Proposed Rights Offering
Thursday, 30 May 2013 06:08am EDT 

Kingsway Financial Services Inc announced that it has filed a registration statement for a proposed rights offering relating to transferable subscription rights to purchase up to approximately $13.1 million of shares of common stock and warrants to purchase Common Shares. Under the proposed rights offering, each shareholder of record as of the record date will receive, at no charge, one subscription right for each Common Share owned on the record date (the Subscription Right). Four Subscription Rights will entitle the holder to purchase one unit consisting of one Common Share, one Series A Warrant and one Series B Warrant (a Unit). Each warrant entitles the holder to purchase one Common Share. The subscription price is $4.00 per Unit. Holders who fully exercise their Subscription Rights will be entitled to subscribe for an additional amount of Units, if any, that are not purchased by other shareholders or their transferees through the exercise of their basic subscription privileges, in an amount equal to up to five Units for each Unit for which such holder was otherwise entitled to subscribe. Kingsway reserves the right to cancel or terminate the proposed rights offering at any time prior to the expiration date and for any reason.  Full Article

Kingsway Financial Services Inc Announces Acquisition Of HVAC Warranty Business
Wednesday, 22 May 2013 08:05pm EDT 

Kingsway Financial Services Inc and its subsidiary, 1347 Capital LLC, announced that the Company has finalized the purchase of certain tangible and intangible assets of Trinity Warranty Corporation (Trinity). Trinity, based in Lombard, Illinois, is a provider of warranty products and maintenance support to consumers and businesses in the heating, ventilation, air conditioning (HVAC) and refrigeration industry. The tangible and intangible assets of Trinity are being acquired for total consideration consisting of cash and future contingent payments. The terms of the acquisition were not disclosed.  Full Article

Kingsway Financial Services Inc's Kingsway America Inc Announces Sale Of 2,625,000 Shares Of Its Atlas Financial Holdings Inc
Tuesday, 12 Feb 2013 12:34pm EST 

Kingsway Financial Services Inc announced that it has executed an underwriting agreement to sell 2,625,000 shares of the common stock of Atlas Financial Holdings, Inc. (Atlas) held by its downstream holding company, Kingsway America Inc. The shares are being offered as part of Atlas' United States initial public offering at a price per share of $5.85. Net of transaction expenses, Kingsway expects to receive approximately $13.8 million of proceeds from the sale and report a loss on the transaction of approximately $3.7 million. Following the transaction, Kingsway retains 1,262,471 shares of Atlas common stock and $18.0 million of Atlas preferred shares. As of December 31, 2012, Kingsway also has accrued preferred dividends receivable from Atlas of $1.7 million. References to share price and number of common shares reflect Atlas' previously announced share consolidation.  Full Article

Kingsway Financial Services Inc Announces Acquisition Of Vehicle Protection Service Business
Monday, 19 Nov 2012 09:01am EST 

Kingsway Financial Services Inc and its subsidiary, 1347 Capital LLC, announced that the Company has finalized the purchase of certain tangible and intangible assets and liabilities of Intercontinental Warranty Services, Inc. (IWS). IWS, based in Boca Raton, Florida, is a provider of after-market vehicle protection services to credit unions throughout the country. IWS is well-known in the credit union community for providing vehicle service agreements, mechanical breakdown insurance, and guaranteed asset protection to their members in conjunction with their auto loans. The tangible and intangible assets and liabilities of IWS are being acquired in a structured transaction for total consideration consisting of cash, future contingent payments and common equity in a newly formed entity. Kingsway expects the business to be immediately accretive to operating income and cash flow. This purchase marks the consummation of the previously announced execution of a definitive agreement, dated February 21, 2012, to acquire a specialty insurance business. Sandler O'Neill + Partners, L.P. acted as exclusive financial advisor to Kingsway, and Updike, Kelly & Spellacy, P.C. acted as legal counsel to Kingsway. Terms of the tranaction were not disclosed.  Full Article

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