Cohen & Company raises $230m in initial public offering
Cohen & Company, a fixed income financial services specialist, and its special purpose acquisition company INSU Acquisition Corp. II has completed its initial public offering (IPO) raising $230 million.
INSU is a blank-check company sponsored by Cohen & Company, formed for the purpose of acquiring or merging with one or more businesses or entities in the insurance industry.
The IPO consists of 23,000,000 units at a price of $10.00 per unit, which includes 3,000,000 units issued pursuant to the underwriters’ over-allotment option.
The company's units began trading on September 3, 2020 on the Nasdaq Capital Market under the symbol 'INAQU. 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.
