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Kingsway Financial Services Inc Announces Pricing of Initial Public Offering of Subsidiary 1347 Capital Corp.


Tuesday, 15 Jul 2014 07:25pm EDT 

Kingsway Financial Services Inc:Announces pricing of initial public offering by its subsidiary 1347 Capital Corp. of four million units at a price to the public of $10.00 per unit.1347 Capital was formed for the purpose of entering into a merger, share exchange, asset acquisition or other similar business combination with one or more businesses or entities.Each unit issued in the initial public offering consists of one share of common stock, one right to receive one-tenth of a share of common stock automatically on the consummation of an initial business combination.Says one warrant to acquire one-half of one share of common stock at a price of $11.50 per full share of common stock.1347 Capital has granted the representative of the underwriters a 45-day option to purchase up to 600,000 additional units to cover over-allotments, if any.The units are expected to begin trading Wednesday, July 16, 2014, on The NASDAQ Capital Market under the symbol TFSCU.The securities comprising the units will begin separate trading on Oct. 13, 2014, unless EarlyBirdCapital, Inc. determines that an earlier date is acceptable.Says once the securities comprising the units begin separate trading, the common stock, warrants and rights are expected to be traded on Nasdaq under the symbols "TFSC," "TFSCW" and "TFSCR," respectively.EarlyBirdCapital, Inc. acted as sole book-running manager.Aegis Capital Corp. acted as co-manager. 

Company Quote

5.78
-0.01 -0.17%
2:30pm EDT