Insurance Acquisition, a blank check backed by Cohen & Company and targeting the insurance industry, filed on Tuesday with the SEC to raise up to $130 million in an initial public offering.
The Philadelphia, PA-based company plans to raise $130 million by offering 13 million units at a price of $10. At $10, Insurance Acquisition would command a market value of $179 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 was founded in 2018 and plans to list on the Nasdaq under the symbol ILSUU. Cantor Fitzgerald is the sole bookrunner on the deal.
