Home  »  Analyst Snapshot   »  Cohen & Company Inc. (COHN)’s Sponsored Com...

Cohen & Company Inc. (COHN)’s Sponsored Company Get an Upsized IPO Pricing

Cohen & Company Inc. (COHN) recently announced that one of its sponsored company got a pricing of $200 million in initial public offering (IPO). INSU Acquisition Corp. II (INAQU) is a blank-check company sponsored by COHN that went through an upsized IPO last week.

COHN operates as a financial services firm focusing fixed income markets. It formed INAQU for mergers and acquisitions with one or more insurance industry businesses. In its IPO, INSU Acquisition got a per unit price of $10.00 for its 20,000,000 offered units. IPO resulted in generation of proceeds amounting $200 million for the company.

With the IPO, the company is now listed on Nasdaq Capital Market and started trading on September 3 under ticker “INAQU”. Each unit offered by the company is comprised of one Class A common stock of the company as well as one-third of a warrant. Every warrant issued by the company is exercisable at per share price of $11.50 for every A Class common share.

Once the offered units stand separated, common stock and warrants are expected to be listed separately on Nasdaq. After separate listing, Class A common stock is expected to trade under symbol “INAQ”. Warrants are likely to be trading under symbol “INAQW” without issuance of the same in fraction. The IPO is expected to be concluding today, subject to completion of other requirements.

Cantor Fitzgerald & Co. is acting as sole book-running manager for the IPO. Underwriters are allowed with a 45-day period to exercise an option of purchasing additional units of the company. Those will not be more than 3,000,000 in number and will be available at the IPO price to cover any over-allotments. The company declared the units and underlying securities at the Securities and Exchange Commission on September 2, 2020 in its registration statement.

Related Posts