Kingstone Co. Prices Upsized Public Offering At $5.95 Per Share - Quick Facts

(RTTNews) - Kingstone Companies Inc. (KINS) announced Tuesday that it priced its underwritten public offering of 3.00 million shares of its common stock at a price of $5.95 per share, for a total of $17.85 million.

In addition, the company has granted to Sandler O'Neill + Partners, L.P., the underwriter of the offering, a 30-day option to purchase up to an additional 450,000 shares to cover over-allotments, if any.

The company noted that it intends to use the net proceeds of the offering (i) to contribute capital to its insurance subsidiary, Kingstone Insurance Company, to support growth, including possible product expansion; (ii) to repay indebtedness; and (iii) for general corporate purposes, which may include acquisitions.

Last week, Kingstone had announced that it commenced an underwritten public offering of 2.50 million shares of its common stock. Sandler O'Neill + Partners, L.P., the underwriter of the offering, will have a 30-day option to purchase from the Company up to an additional 15% of the shares offered to cover over-allotments, if any.