Midwest Holding Inc. Announces Launch of Public Offering
LINCOLN, Neb., Dec. 9, 2020 /PRNewswire/ -- Midwest Holding Inc. ("Midwest"or the "Company") today announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed underwritten public offering of 1,000,000 shares of its voting common stock, the entirety of which are being offered by Midwest. It intends to use the net proceeds of the offering to support the growth of its insurance subsidiary, American Life & Security Corp., including possible product expansion and for general corporate purposes.
The underwriters will have a 30-day option to purchase an additional 150,000 shares of voting common stock from Midwest at the public offering price, less underwriting discounts and commissions. The public offering price is currently expected to be between $70.00 and $74.00 per share. Midwest has applied to list its voting common stock on the Nasdaq Capital Market under the ticker symbol "MDWT."
Piper Sandler & Co. will act as sole bookrunner and JMP Securities will act as co-manager for the proposed offering.
The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained by visiting EDGAR on the SEC Website at www.sec.gov. Alternatively, Midwest, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll free at 866-805-4128.
A registration statement relating to these securities has been filed with the U.S. 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 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 state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Midwest Holding Inc.
Midwest Holding Inc. is a financial services company focused on providing technology-enabled and services-oriented solutions to distributors and reinsurers of annuity and life insurance products in the United States. Midwest provides an end-to-end solution to manage annuity and life insurance policies that includes a broad set of product development, distribution support, policy administration, and asset liability management services. Midwest sells, underwrites, and markets annuity products in 20 states and the District of Columbia through its subsidiary American Life & Security Corp. Midwest also provides reinsurance management and asset management services as a comprehensive solution for reinsurers.
Forward-Looking Statements
Any statements in this release that are not historical or current facts, including statements regarding Midwest's use of proceeds, are forward-looking statements. Forward-looking statements convey Midwest's current expectations or forecasts of future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Midwest's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Prospectus Summary" and "Risk Factors" sections of the prospectus referred to above and in Midwest's most recent annual and quarterly reports and other required reports, as filed with the Securities and Exchange Commission, which are available at the SEC's website at http://www.sec.gov. Unless required by law, Midwest undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date of this press release.
Contacts
Midwest Holding Inc.
Noh-Joon Choo
Phone: (646) 978-5324
Email: [email protected]
Investor Relations:
The Blueshirt Group, for Midwest Holding Inc.
Chris Mammone
Email: [email protected]
SOURCE Midwest Holding Inc.
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