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Palomar Holdings, Inc. (NASDAQ:PLMR) ("Palomar" or "Company"), today announced the underwritten public offering of 1,200,000 shares of the Company's common stock, par value $0.0001 per share (the "Common Stock"), subject to market and other conditions. All of the shares in the offering are to be sold by Palomar. Palomar intends to grant the underwriters a 30-day option to purchase up to 180,000 additional shares of common stock at the public offering price, less the underwriting discounts and commissions.
The Company intends to use the net proceeds that it will receive from the offering for general corporate purposes, including using approximately $25.0 million to finance the contemplated acquisition of First Indemnity of America Insurance Company, a New Jersey domiciled insurance carrier specializing in surety bonds for small to medium sized contractors primarily in the Northeast United States, and to fund future growth.
J.P. Morgan, Evercore ISI, and Keefe, Bruyette & Woods, Inc., A Stifel Company, will act as joint lead book-running managers for the offering.
Posted In: PLMR
