American Coastal Insurance enters ATM equity distribution agreement for up to 8 million shares

AMERICAN COASTAL INSURANCE Corp

Up to 8,000,000 shares of common stock may be sold at market prices through Raymond James & Associates.
Raymond James receives 3.0% commission on gross proceeds; sales commence immediately.
Separate trading arrangement allows Raymond James sole discretion to sell up to 4,000,000 shares before Nov 13, 2023.
Net proceeds planned for general corporate purposes, including specialty underwriting expansion and capital adequacy.
Shares sold under existing effective shelf registration statement (Form S-3).

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN COASTAL INSURANCE Corp entered into equity distribution agreement with Raymond James & Associates, Inc. (effective 2023-09-27).

Action: entry
Agreement: atm program
Counterparty: Raymond James & Associates, Inc.
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, American Coastal Insurance Corporation (“ACIC” or the “Company”) entered into an equity distribution agreement (the “Agreement”) with Raymond James & Associates, Inc., as agent (the “Agent”), relating to the issuance and sale from time to time by the Company (the “ATM Program”), through the Agent, of up to 8,000,000 shares of the Company’s common stock

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AMERICAN COASTAL INSURANCE Corp filing history →

Source: SEC EDGAR

accession 0001401521-23-000133

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