Cohen & Company Announces Pricing of INSU Acquisition Corp. II Upsized $200,000,000 Initial Public Offering
September 03 2020 - 2:35PM
Cohen & Company Inc. (NYSE American: COHN), a financial
services firm specializing in fixed income markets, today announced
that its sponsored blank-check company, INSU Acquisition Corp. II
(NASDAQ:INAQU) (the “Company”), formed for the purpose of acquiring
or merging with one or more businesses or entities in the insurance
industry, yesterday priced its upsized initial public offering of
20,000,000 units at a price of $10.00 per unit, for gross proceeds
to the Company of $200,000,000. The Company's units are listed on
the Nasdaq Capital Market under the symbol "INAQU" and began
trading on September 3, 2020. Each unit issued in the offering
consists of one share of the Company’s Class A common stock and
one-third of one warrant, 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. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. The closing of the
offering is anticipated to take place on or about September 8,
2020, subject to customary closing conditions.
Cantor Fitzgerald & Co. is serving as the sole book-running
manager for the offering. The Company has granted the underwriters
a 45-day option to purchase up to an additional 3,000,000 units at
the initial public offering price to cover over-allotments, if
any.
A registration statement relating to the units and the
underlying securities was declared effective by the Securities and
Exchange Commission on September 2, 2020. This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of, these securities in any state
or jurisdiction in which such offer, solicitation, or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The offering is being made only by means of a prospectus, copies
of which may be obtained by contacting Cantor Fitzgerald & Co.,
Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York,
New York 10022; Email: prospectus@cantor.com. Copies of the
registration statement can be accessed for free through the SEC's
website at www.sec.gov.
About Cohen & Company
Cohen & Company is a financial services company specializing
in fixed income markets. It was founded in 1999 as an investment
firm focused on small-cap banking institutions but has grown to
provide an expanding range of capital markets and asset management
services. Cohen & Company’s operating segments are Capital
Markets, Asset Management, and Principal Investing. The Capital
Markets segment consists of fixed income sales, trading, and
matched book repo financing as well as new issue placements in
corporate and securitized products, and advisory services,
operating primarily through Cohen & Company’s subsidiaries,
J.V.B. Financial Group, LLC in the United States and Cohen &
Company Financial (Europe) Limited in Europe. The Asset Management
segment manages assets through collateralized debt obligations,
managed accounts, and investment funds. As of June 30, 2020, the
Company managed approximately $2.6 billion in fixed income assets
in a variety of asset classes including US and European trust
preferred securities, subordinated debt, and corporate loans. As of
June 30, 2020, 78.2% of the Company’s assets under management were
in collateralized debt obligations that Cohen & Company
manages, which were all securitized prior to 2008. The Principal
Investing segment is comprised primarily of investments the Company
has made for the purpose of earning an investment return rather
than investments made to support its trading, matched book repo, or
other capital markets business activity. For more information,
please visit www.cohenandcompany.com.
Forward-looking Statements
This press release contains statements that constitute
“forward-looking statements,” including with respect to the initial
public offering. No assurance can be given that such offering will
be completed on the terms described, or at all. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company, including those set forth in the
Risk Factors section of the Company's registration statement and
preliminary prospectus for the offering filed with the Securities
and Exchange Commission. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this press release, except as required by law.
Contact:
Investors -Cohen & Company Inc.Amanda
Abrams215-701-8952aabrams@cohenandcompany.com
Media -Joele Frank, Wilkinson Brimmer
KatcherJames Golden or Andrew
Squire212-355-4449jgolden@joelefrank.com or
asquire@joelefrank.com
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