Insurance Acquisition, a blank check company backed by Cohen & Company and targeting the insurance industry, raised $131 million by offering 13.1 million units at $10. The company slightly upsized the offering, raising $1 million more than anticipated. At offering, Insurance Acquisition commands a market value of $180 million.
Each unit consists of one share of common stock and one-half of one warrant to purchase a share of common stock at $11.50.
Insurance Acquisition plans to list on the Nasdaq under the symbol INSUU (previously ILSUU). Cantor Fitzgerald acted as lead manager on the deal.
