---
schema_version: "secwatch.filing_event.v1"
accession: "0001021771-22-000068"
form_type: "8-K"
ticker: "KINS"
cik: "0000033992"
company_name: "KINGSTONE COMPANIES, INC."
filed_at: "2022-12-12T23:59:59+00:00"
generated_at: "2026-06-21T06:27:48.625304+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Kingstone exchanges $21.5M 5.50% notes for higher-cost 12.0% notes, cash and warrants

## Summary
- Exchanging $21.5M of 5.50% Senior Notes due Dec 30, 2022 for $19.95M new 12.0% notes due Dec 30, 2024.
- Exchanging noteholders receive $1.595M cash plus accrued interest and 969,525 warrants at $1.00/share.
- Remaining $8.455M of Existing Notes to be repaid in cash at maturity on Dec 30, 2022.
- New notes carry 12.0% interest rate, more than doubling original 5.50%; warrants expire in three years.
- Exchange closes Dec 15, 2022, avoiding default on maturing notes but increasing debt cost.

## SEC filing metadata
- accession: 0001021771-22-000068
- form_type: 8-K
- ticker: KINS
- cik: 0000033992
- company_name: KINGSTONE COMPANIES, INC.
- filed_at: 2022-12-12T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/33992/000102177122000068/0001021771-22-000068-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/33992/000102177122000068/form8kdtd12922.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001021771-22-000068
- JSON: https://secwatch.observer/filing/0001021771-22-000068.json
- Plain text: https://secwatch.observer/filing/0001021771-22-000068.txt

## Key facts
- Debt Financings
  KINGSTONE COMPANIES, INC. incurred senior notes of new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000 with Exchanging Noteholders at 12.0% maturing December 30, 2024.
  - Instrument: senior notes
  - Principal: new 12.0% Senior Notes due December 30, 2024 of the Company in the aggregate approximate principal amount of $19,950,000
  - Counterparty: Exchanging Noteholders
  - Rate: 12.0%
  - Maturity: December 30, 2024
  - Event: incurrence
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/33992/000102177122000068/0001021771-22-000068-index.htm
- Material Agreements
  KINGSTONE COMPANIES, INC. entered into Exchange Agreement with Exchanging Noteholders valued at $21,545,000 (effective 2022-12-09).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: Exchanging Noteholders
  - Value: $21,545,000
  - Effective: 2022-12-09
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/33992/000102177122000068/0001021771-22-000068-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.