|[May 20, 2014]
Atlas Announces Pricing of Public Offering
CHICAGO --(Business Wire)--
Atlas Financial Holdings, Inc. (NASDAQ:AFH) ("Atlas" or the
"Company") today announced the pricing of its underwritten public
offering of 2,000,000 ordinary shares of the Company at a price to the
public of $12.50 per share for gross proceeds of $25,000,000. The net
proceeds from the sale of the shares, after deducting the underwriters'
discounts and other estimated offering expenses payable by the Company,
will be approximately $23,170,000. In addition, Atlas has granted the
underwriters a 30-day option to purchase up to 300,000 additional
ordinary shares at the public offering price to cover over-allotments,
Atlas plans to use the net proceeds from the offering for general
corporate purposes, including, without limitation, business expansion,
working capital and possible acquisitions.
Sandler O'Neill + Partners, L.P. is acting as the book-running manager
for the offering. Janney Montgomery Scott LLC and Sterne, Agee & Leach,
Inc. are acting as co-managers for the offering.
A shelf registration statement on Form S-3 (File No. 333-195495)
relating to the shares described above was previously filed with, and
has been declared effective by, the Securities and Exchange Commission
(SEC (News - Alert)). A preliminary prospectus supplement related to the offering has
been filed with the SEC and is available on the SEC's website located at http://www.sec.gov.
Alternatively, copies of the prospectus supplement and the accompanying
prospectus may be obtained from Sandler O'Neill + Partners, 1251 Avenue
of The Americas, 6th Floor, New York, NY 10020, (866) 805-4128.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such jurisdiction. Any
offer or sale will be made only by means of a prospectus supplement,
prospectus or authorized free writing prospectus which have or will be
filed with the SEC.
About Atlas Financial Holdings, Inc.
The primary business of Atlas is commercial automobile insurance in the
United States, with a niche market orientation and focus on insurance
for the "light" commercial automobile sector including taxi cabs,
non-emergency paratransit, limousine/livery and business auto. The
business of Atlas is carried on through its insurance subsidiaries
American Country Insurance Company, American Service Insurance Company,
Inc. and Gateway (News - Alert) Insurance Company. Atlas' insurance subsidiaries have
decades of experience with a commitment to being an industry leader in
these specialized areas of insurance.
This release includes forward-looking statements regarding Atlas and its
insurance subsidiaries and businesses. Such statements are based on the
current expectations of the management of each entity. The words
"anticipate", "expect", "believe", "may", "should", "estimate",
"project", "outlook", "forecast" or similar words are used to identify
such forward looking information. The forward-looking events and
circumstances discussed in this release may not occur and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting the Company and its subsidiaries, including
risks regarding the insurance industry, economic factors and the equity
markets generally and the risk factors discussed in the "Risk Factors"
section of the Company's registration statement on Form S-3 and the
prospectus supplement. No forward-looking statement can be guaranteed.
Except as required by applicable securities laws, forward-looking
statements speak only as of the date on which they are made and Atlas
and its subsidiaries undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
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