LINCOLN,
Neb., May 5, 2023 /PRNewswire/ -- Midwest
Holding Inc. ("Midwest") (NASDAQ: MDWT) today announced that it
will release its financial and operating results for the first
quarter 2023 after the close of the financial markets on
Monday, May 15, 2023. The Company
plans to issue a press release and post the results on the investor
relations section of its website at
https://ir.midwestholding.com.
As announced on May 1, 2023,
Midwest has entered into a definitive merger agreement to be
acquired by an affiliate of Antarctica Capital for $27.00 per share in an all-cash transaction. The
transaction has been unanimously approved by Midwest's Board of
Directors and is expected to close in the second half of 2023. In
light of the pending transaction, Midwest will not host an earnings
conference call.
About Midwest Holding Inc.
Midwest Holding Inc. is a technology-enabled, services-oriented
annuity platform. Midwest designs and develops in-demand annuity
products that are distributed through independent distribution
channels to a large and growing demographic of U.S. retirees.
Midwest originates, manages, and typically transfers these
annuities through reinsurance arrangements to asset managers and
other third-party investors. Midwest also provides the operational
and regulatory infrastructure and expertise to enable asset
managers and third-party investors to form and manage their own
reinsurance capital vehicles. For more information, please visit
www.midwestholding.com.
Contacts
Investor contact: ir@midwestholding.com
Media inquiries: press@midwestholding.com or Paul Caminiti / Nicholas
Leasure, Reevemark, 212-433-4600
Cautionary Statement Regarding Forward-Looking
Statements
This communication and any documents referred to in this
communication contain certain forward-looking statements within the
meaning of the federal securities laws with respect to the proposed
acquisition of Midwest Holding Inc. (the "Company") by an affiliate
of Antarctica Capital, LLC, including, but not limited to,
statements regarding the anticipated timing of the closing of the
proposed transaction. These forward-looking statements generally
are identified by the words "may," "will," "should," "expect,"
"plan," "anticipate," "believe," "estimate," "predict,"
"potential," "intend," "target," "contemplate," "project," and
similar expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this communication, including but not limited to: (i)
the risk that the proposed transaction may not be completed in a
timely manner or at all, (ii) the failure to satisfy the conditions
to the consummation of the proposed transaction, including approval
of the proposed transaction by the stockholders of the Company and
the receipt of necessary regulatory approvals, (iii) the occurrence
of any event, change or other circumstance that could give rise to
the termination of the proposed transaction, (iv) the effect of the
announcement or pendency of the proposed transaction on the
Company's business relationships, operating results, and business
generally, including the termination of any business contracts, (v)
risks that the proposed transaction disrupts current plans and
operations of the Company and potential difficulties in hiring and
retaining key personnel as a result of the proposed transaction,
(vi) risks related to diverting management's attention from the
Company's ongoing business operations, (vii) risks that any
announcements related to the proposed transaction could have
adverse effects on the Company's stock price, credit ratings or
operating results, (viii) the outcome of any legal proceedings that
may be instituted related to the Merger Agreement or the proposed
transaction and (ix) the significant transactions costs that the
parties will incur in connection with the proposed transaction. The
risks and uncertainties may be amplified by economic, market,
business or geopolitical conditions or competition, or changes in
such conditions, negatively affecting the Company's business,
operations and financial performance. The foregoing list of factors
is not exhaustive. You should carefully consider the foregoing
factors and the other risks and uncertainties that affect the
Company's business as described in the "Risk Factors" section of
the Company's Annual Report on Form 10-K, Quarterly Reports on Form
10-Q and other documents filed from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and the Company assumes no obligation to, and does not
intend to, update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise, unless required by law.
Additional Information and Where to Find It
In connection with the proposed transaction, the Company will be
filing documents with the Securities and Exchange Commission
("SEC"), including preliminary and definitive proxy statements
relating to the proposed transaction. A definitive proxy statement
will be mailed or otherwise made available to the Company's
stockholders in connection with the proposed transaction. This
communication is not a substitute for the proxy statement or any
other document that may be filed by the Company with the SEC.
BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY
SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED
WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, OR
DOCUMENTS INCORPORATED BY REFERENCE IN THE PROXY STATEMENT WHEN
THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION. Any vote in respect of
resolutions to be proposed at the Company's stockholder meeting to
approve the proposed transaction or other responses in relation to
the proposed transaction should be made only on the basis of the
information contained in the Company's proxy statement. Investors
and security holders may obtain free copies of these documents
(when they are available) and other related documents filed with
the SEC at the SEC's website at www.sec.gov or on the Company's
website at www.ir.midwestholding.com.
Participants in the Solicitation
The Company and certain of its directors, executive officers and
employees may be considered participants in the solicitation of
proxies from the Company's stockholders in connection with the
proposed transaction. Information regarding the persons who, under
the rules of the SEC, may be considered participants in the
solicitation of proxies in connection with the proposed
transaction, including the interests of the Company directors and
executive officers in the transaction, will be set forth in the
preliminary and definitive proxy statements that will be filed with
the SEC relating to the transaction. Additional information
regarding the Company's directors and executive officers, including
a description of their direct interests, by security holdings or
otherwise, is contained in the Company's proxy statement for its
2023 annual meeting of stockholders, which was filed with the SEC
on April 24, 2023. These documents
are available free of charge at the SEC's website at www.sec.gov
and on Company's website at www.ir.midwestholding.com.
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SOURCE Midwest Holding Inc.