Cohen & Company Announces Pricing of INSU Acquisition Corp. II Upsized $200,000,000 Initial Public Offering

Rhea-AI Summary

Cohen & Company has announced the pricing of an upsized initial public offering (IPO) for its blank-check company, INSU Acquisition Corp. II. The offering consists of 20,000,000 units, priced at $10.00 each, yielding gross proceeds of $200 million. These units began trading on Nasdaq under the symbol 'INAQU' on September 3, 2020. The offering's closing is expected around September 8, 2020, pending customary conditions. Cantor Fitzgerald is the sole book-running manager, with an option for underwriters to buy an additional 3 million units. This encourages strategic growth within the insurance sector.

Positive

• Upsized IPO of 20 million units raises $200 million.
• Units began trading on Nasdaq under 'INAQU'.
• Investment in the insurance sector signifies strategic growth potential.

Negative

• No significant negatives identified.

PHILADELPHIA and NEW YORK, Sept. 03, 2020 (GLOBE NEWSWIRE) -- 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 Abrams
215-701-8952
aabrams@cohenandcompany.com

Media -
Joele Frank, Wilkinson Brimmer Katcher
James Golden or Andrew Squire
212-355-4449
jgolden@joelefrank.com or asquire@joelefrank.com

 

FAQ

What is the purpose of Cohen & Company's IPO for INSU Acquisition Corp. II?

The IPO aims to raise funds for potential acquisitions or mergers within the insurance industry.

When did INSU Acquisition Corp. II start trading on Nasdaq?

The units began trading on Nasdaq on September 3, 2020.

What are the expected gross proceeds from the INSU Acquisition Corp. II IPO?

The IPO is expected to yield gross proceeds of $200 million.

Who is the book-running manager for the IPO?

Cantor Fitzgerald is serving as the sole book-running manager for the offering.

What is the symbol for INSU Acquisition Corp. II on Nasdaq?

The symbol for INSU Acquisition Corp. II is 'INAQU'.