IGI Announces Extension of the Expiration of the Previously Commenced Offer to Purchase and Consent Solicitation Relating to its Warrants

About this update from International General Insurance Holdings Ltd.

[{"type":"text","content":" HAMILTON, Bermuda--(BUSINESS WIRE)--\nInternational General Insurance Holdings Ltd. (“IGI” or the “Company”) (Nasdaq: IGIC) today announced that it has extended the expiration date of its previously commenced offer to purchase (the “Offer”) all of its outstanding public warrants and private warrants (collectively, the “Warrants”) to purchase its common shares, par value $0.01 per share, at a purchase price of $0.95 in cash, without interest, to 12:00 midnight, Eastern Time at the end of the day on September 7, 2023, unless further extended or terminated, pending the ongoing SEC review of the disclosure related to the Offer. The Offer was previously scheduled to expire at 12:00 midnight, Eastern Time, at the end of the day on August 24, 2023. As of 5:00 p.m. Eastern Time on August 23, 2023, (i) 3,878,280 Public Warrants had been validly tendered and not validly withdrawn from the Offer, representing approximately 30% of the outstanding Public Warrants and (ii) 4,500,000 Private Warrants had been validly tendered and not validly withdrawn from the Offer, representing 100% of the outstanding Private Warrants, which cumulatively comprised approximately 49% of all outstanding Warrants. The Offer may be extended further in accordance with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).\n\n\nIGI is also soliciting consents (the “Consent Solicitation”) to amend the Warrant Agreement, dated March 15, 2018, by and between Tiberius Acquisition Corporation (“Tiberius”) and Continental Stock Transfer & Trust Company (“Continental”), as amended by Amendment No. 1 to the Warrant Agreement, dated March 17, 2020, by and among IGI, Tiberius and Continental (as amended, the “Warrant Agreement”), which governs all of the Warrants, to permit IGI to redeem each outstanding Warrant for $0.86 in cash, without interest, which is 10% less than the price applicable to the Offer (such amendment, the “Warrant Amendment”). Pursuant to the terms of the Warrant Agreement, the adoption of the Warrant Amendment will require the consent of holders of at least 65% of the then outstanding public warrants. Parties representing approximately 67.3% of the outstanding public warrants and approximately 88.9% of the outstanding private warrants have agreed to tender their Warrants in the Offer and to consent to the Warrant Am...

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