Trean Insurance Group Announces Secondary Offering of Common Stock
Trean Insurance Group, Inc. (Nasdaq:TIG) announced an offering of 5 million shares of common stock by selling stockholders, with an option for underwriters to purchase an additional 750,000 shares. Trean will not receive any proceeds from this underwritten offering. J.P. Morgan and Evercore ISI are the lead managers, with William Blair and JMP Securities also involved. The offering is subject to market conditions, and no sales can occur until the SEC registration statement becomes effective.
- None.
- Shareholder dilution due to the offering of 5 million shares.
- No proceeds will benefit Trean from this offering.
WAYZATA, Minn., May 17, 2021 (GLOBE NEWSWIRE) -- Trean Insurance Group, Inc. (Nasdaq:TIG) (“Trean”) today announced that the selling stockholders named in the preliminary prospectus are offering to sell 5 million shares of Trean common stock in an underwritten offering, subject to market and other conditions. Trean will not receive any proceeds from the offering. In connection with the offering, the selling stockholders have granted the underwriters an option to purchase up to an additional 750,000 shares.
J.P. Morgan and Evercore ISI are acting as lead book-running managers, William Blair is acting as a joint book-running manager and JMP Securities is acting as a co-manager for the offering. This offering is being made only by means of a prospectus. A copy of the final prospectus, when available, may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at 1-866-803-9204 or email at prospectus-eq_fi@jpmchase.com; or Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, or by telephone at 1-888-474-0200 or email at ecm.prospectus@evercore.com.
A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Trean Insurance Group, Inc.
Trean Insurance Group, Inc. provides products and services to the specialty insurance market. Trean underwrites specialty casualty insurance products both through its program partners and its own managing general agencies. Trean also provides its program partners with a variety of services including issuing carrier services, claims administration and reinsurance brokerage. Trean is licensed to write business across 49 states and the District of Columbia.
Contacts
Investor Relations
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