Westaim Completes Sale of Remaining Interest in Skyward Specialty

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TORONTO--(BUSINESS WIRE)-- The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) is pleased to announce that it has sold all of the remaining 1,919,639 common shares it held, through a wholly-owned subsidiary, in Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD). The net proceeds from such sale, less commissions, were approximately US$79.0 million.

About Westaim

Westaim is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. The Company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim’s strategy is to pursue investment opportunities with a focus towards the financial services industry and grow shareholder value over the long term. Westaim’s investments include significant interests in Arena and the Arena FINCOs. Arena and Arena FINCOs are defined in the notes to Westaim’s audited consolidated financial statements for the year ended December 31, 2023 and the related MD&A. The common shares of Westaim are listed on the TSX Venture Exchange (the “TSXV”) under the trading symbol “WED”.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240910447452/en/

For more information, contact:

J. Cameron MacDonald, President and Chief Executive Officer or

Robert T. Kittel, Chief Operating Officer

The Westaim Corporation

info@westaim.com

(416) 969-3333

Source: The Westaim Corporation

FAQ

How many Skyward Specialty (SKWD) shares did Westaim sell in this transaction?

Westaim sold 1,919,639 common shares of Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) in this transaction.

What were the net proceeds from Westaim's sale of Skyward Specialty (SKWD) shares?

The net proceeds from the sale of Skyward Specialty (SKWD) shares, less commissions, were approximately US$79.0 million.

Does Westaim still hold any shares in Skyward Specialty (SKWD) after this sale?

No, this sale represents Westaim's complete divestment of its remaining interest in Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD).

What is Westaim's stock symbol on the TSX Venture Exchange?

Westaim 's stock symbol on the TSX Venture Exchange is WED.