---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-24-030176"
form_type: "8-K"
ticker: "KFS"
cik: "0001072627"
company_name: "KINGSWAY FINANCIAL SERVICES INC"
filed_at: "2024-09-27T23:59:59+00:00"
generated_at: "2026-05-31T01:04:16.703440+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Kingsway raises $8.25M via preferred stock and acquires Image Solutions for $19.5M

## Summary
- Issued 330,000 shares of 8% cumulative Class B Preferred Stock at $25/share for $8.25M in private placement.
- Acquired IT MSP Image Solutions for $19.5M cash (plus expenses) funded with cash on hand and $7.75M Avidbank term loan.
- Image Solutions has ~$9.8M annual unaudited revenue and ~$3.1M adjusted EBITDA; expected immediately accretive.
- Davide Zanchi appointed CEO of Image Solutions; founder Garrett Williams remains as advisor during transition.
- Preferred stock convertible into 2.6316 common shares per share, mandatory redemption in 2031.

## SEC filing metadata
- accession: 0001437749-24-030176
- form_type: 8-K
- ticker: KFS
- cik: 0001072627
- company_name: KINGSWAY FINANCIAL SERVICES INC
- filed_at: 2024-09-27T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 3.02, 5.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1072627/000143774924030176/0001437749-24-030176-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1072627/000143774924030176/kfs20240926_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-24-030176
- JSON: https://secwatch.observer/filing/0001437749-24-030176.json
- Plain text: https://secwatch.observer/filing/0001437749-24-030176.txt

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