KINGSTONE COMPANIES, INC. (KINS): debt financing — Kingstone exchanges $21.5M 5.50% notes for higher-cost 12.0% notes, cash and warrants

On December 9, 2022, Kingstone Companies, Inc. (the “Company”) entered into a Note and Warrant Exchange Agreement (the “Exchange Agreement”) with several holders (the “Exchanging Noteholders”) of the Company’s outstanding 5.50% Senior Notes due 2022 (the “Existing Notes”). On the date of the Exchange Agreement, the Exchanging Noteholders held Existing Notes in the aggregate principal amount of $21,545,000 of the $30,000,000 aggregate principal amount of Existing Notes then outstanding. Pursuant to the Exchange Agreement, at the closing scheduled for December 15, 2022, the Exchanging Noteholders will exchange their respective Existing Notes for the following: (i) new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 (the “New Notes”); (ii) cash in the aggregate approximate amount of $1,595,000, together with accrued interest on the Existing Notes; and (iii) three-year warrants for the purchase of an aggregate of 969,525

On December 9, 2022, Kingstone Companies, Inc. (the “Company”) entered into a Note and Warrant Exchange Agreement (the “Exchange Agreement”) with several holders (the “Exchanging Noteholders”) of the Company’s outstanding 5.50% Senior Notes due 2022 (the “Existing Notes”).