TORONTO, May 6, 2014 /CNW/ - (TSX: KFS, NYSE: KFS) Kingsway Financial
Services Inc. ("Kingsway") today announced that its wholly owned
subsidiary, 1347 Capital Corp. ("1347 Capital" or the "Company"), has
filed a registration statement on Form S-1 with the U.S. Securities and
Exchange Commission relating to a proposed initial public offering of
its units. The Company expects to offer four million units, each unit
consisting of one share of common stock, one right to receive one-tenth
of a share of common stock automatically on the consummation of the
Initial Business Combination (as described below), and one warrant to
acquire one-half of one share of common stock, at an offering price of
U.S. $10.00 per unit.
1347 Capital is a blank check company formed for the purpose of entering
into a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization or other similar business combination
("Initial Business Combination") with one or more businesses or
entities ("Target Business"). The Company's efforts to identify a
Target Business will not be limited to a particular industry or
geographic region, although it intends to focus efforts on seeking an
Initial Business Combination with a company or companies operating in
or providing services to the insurance industry.
EarlyBirdCapital, Inc. is the lead book-running manager for the proposed
offering. The proposed offering will be made only by means of a
prospectus. When available, copies of the preliminary prospectus
related to the offering may be obtained for free by visiting the U.S.
Securities and Exchange Commission website at http://www.sec.gov. Alternatively, a copy of the prospectus relating to the offering may
be obtained from EarlyBirdCapital, Inc., 275 Madison Avenue, 27th
Floor, New York, NY 10016, Attn: Aimee Bloch, 212-661-0200.
A registration statement relating to these securities has been filed
with the 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
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, 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
Kingsway is a holding company functioning as a merchant bank with a
focus on long-term value-creation. Kingsway owns or controls stakes in
several insurance industry assets and utilizes its subsidiaries, 1347
Advisors LLC and 1347 Capital LLC, to pursue opportunities acting as an
advisor, an investor and a financier. The common shares of Kingsway are
listed on the Toronto Stock Exchange and the New York Stock Exchange
under the trading symbol "KFS."
SOURCE: Kingsway Financial Services Inc.