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FG Financial Group, Inc. Announces Commencement of Rights Offering
ST. PETERSBURG, Fla.--(BUSINESS WIRE)-- FG Financial Group, Inc. (NASDAQ: FGF), (“FG Financial Group” or the “Company”) today announced the commencement of
About this update from Fg Nexus Inc.
[{"type":"text","content":" ST. PETERSBURG, Fla.--(BUSINESS WIRE)--\nFG Financial Group, Inc. (NASDAQ: FGF), (“FG Financial Group” or the “Company”) today announced the commencement of its previously announced rights offering to holders of its common stock.\n\nPursuant to the terms of the rights offering, the Company is distributing, to each holder of its common stock, one non-transferable subscription right to purchase 0.15 share of common stock, at a price of $4.00 per whole share, for each share held as of 5:00 p.m. Eastern Time on October 25, 2021, the record date for the rights offering. The subscription rights may be exercised at any time during the subscription period, which will commence on October 29, 2021. The rights will expire if they are not exercised by 5:00 p.m., Eastern Time, on November 29, 2021, unless the Company extends the rights offering subscription period. The Company will not issue any fractional shares of the Company’s common stock in the rights offering, and subscription rights will be rounded down to the nearest whole number of shares.\n\nStockholders are entitled to purchase, in total, up to 757,720 shares of common stock, for potential gross proceeds to the Company of approximately $3.0 million. The Company intends to use the net proceeds for working capital.\n\nThe rights offering is being made pursuant to the Company’s registration statement on Form S-1 (File No. 333-260045), which was declared effective by the Securities and Exchange Commission (the “SEC”) on October 28, 2021. A final prospectus describing the terms of the rights offering has been or will be filed with the SEC on October 29, 2021 and is available on the SEC’s website located at http://www.sec.gov.\n\nThe Company expects to mail subscription certificates evidencing the rights and a copy of the prospectus for the rights offering to stockholders, beginning on or about October 29, 2021. Holders of shares of common stock in “street name,” through a brokerage account, bank, or other nominee will not receive physical subscription certificates evidencing the rights and must instruct their broker, bank or nominee whether to exercise subscription rights on their behalf.\n\nA copy of the prospectus may be obtained from Alliance Advisors, LLC, 200 Broadacres Dr., 3rd Floor, Bloomfield, NJ 07003, (855) 723-7819. For any questions or further information about the rights...