Kingsway Welcomes Sun Mountain Partners, LLC, Led by Will Thorndike and Christian Solberg, as a Large Investor in Kingsway
Kingsway Financial Services Inc. (NYSE: KFS) announced that Sun Mountain Partners, led by Will Thorndike and Christian Solberg, has become a significant investor through the acquisition and exercise of 611,547 common shares, raising its total position to approximately 800,000 shares. This investment generated $3.1 million in cash for Kingsway. Thorndike joined Kingsway's Strategic Advisory Board earlier this year, emphasizing a long-term commitment to the company's growth. The warrants, allowing share purchase at $5 each, expire on September 15, 2023.
- Sun Mountain Partners increased its stake in KFS, acquiring 611,547 common shares.
- Total cash proceeds from recent exercises amount to $3.6 million.
- The investment signifies strong confidence in Kingsway's leadership and growth potential.
- None.
CHICAGO, Jan. 9, 2023 /PRNewswire/ - (NYSE: KFS) Kingsway Financial Services Inc. ("Kingsway" or the "Company") today welcomes Sun Mountain Partners, LLC ("Sun Mountain"), led by Will Thorndike and Christian Solberg, as a large investor in Kingsway. Through its purchase of warrants and subsequent exercise for KFS common stock, Sun Mountain has increased its position by 611,547 common shares.
Earlier this year, Kingsway created a Strategic Advisory Board for its newly formed Kingsway Search Xcelerator ("KSX") segment and welcomed Mr. Thorndike as an advisor. Among many pursuits, Mr. Thorndike is a Founding Principal at private investment partnerships Sun Mountain Partners and TTCER, a co-Founder at Compounding Labs, an investment collaboration focused on long term consolidations, and a lead investor at Banyan Software, a related platform in the vertical market software industry. He is Chairman of the Board at CNX Resources, and the Co-Chairman of EverArc Holdings. Will is also Research Advisor to Wellington Management's Public Permanent Capital investment strategy and Founder and Jury Member for The Singleton Prize for CEO Excellence and is the author of The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success.
"Will and Christian run a concentrated portfolio of carefully selected stock positions which they aim to hold for the long-term and, as such, we are excited to have them as shareholders in Kingsway," said J.T. Fitzgerald, President and Chief Executive Officer of Kingsway. "When Will joined the advisory board back in April, we anticipated that Kingsway would benefit greatly from his experience and guidance. Today, Will and Christian are aligning their interests with other fellow shareholders."
"At Sun Mountain Partners, we invest long-only in 6-12 public equities around the world that we hope to own for decades," said Christian R. Solberg, Managing Member of Sun Mountain Partners. "We believe that Kingsway is an exceptional company with great leadership. We look forward to having a long-term relationship with the Company."
The 611,547 warrants were acquired on December 29, 2023 and subsequently exercised, resulting in cash proceeds to the Company of
The warrants allow the holder to purchase one common share of Kingsway for each warrant held at a price of
Kingsway is a holding company that owns or controls subsidiaries primarily in the extended warranty, business services, asset management and real estate industries. The common shares of Kingsway are listed on the New York Stock Exchange under the trading symbol "KFS."
Forward-Looking Statements
This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. Words such as "expects," "believes," "anticipates," "intends," "estimates," "seeks" and variations and similar words and expressions are intended to identify such forward-looking statements; however, the absence of any such words does not mean that a statement is a not a forward-looking statement. Such forward-looking statements relate to future events or future performance, but reflect Kingsway management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, including as a result of the COVID 19 pandemic. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the section entitled "Risk Factors" in the Company's 2021 Annual Report on Form 10-K and subsequent Form 10-Qs and Form 8-Ks filed with the Securities and Exchange Commission. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Additional Information
Additional information about Kingsway, including a copy of its Annual Reports can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission's website at www.sec.gov, on the Canadian Securities Administrators' website at www.sedar.com, or through the Company's website at www.kingsway-financial.com
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SOURCE Kingsway Financial Services Inc.
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