Tiberius Acquisition Corp. Announces Agreements for Additional Warrant Repurchase by Tiberius and Partial Forfeiture of Common Stock by its Sponsor

About this update from International General Insurance Holdings Ltd.

[{"type":"text","content":"NEW ORLEANS, Feb. 13, 2020 /PRNewswire/ -- Tiberius Acquisition Corp. (NASDAQ: TIBR) (\"Tiberius\") today announced that it has entered into a warrant purchase agreement (the \"Warrant Purchase Agreement\") with a holder of Tiberius' outstanding public warrants pursuant to which Tiberius will repurchase from such holder 3,000,000 of Tiberius' public warrants at a price of $1.425 per warrant, for an aggregate purchase price of $4,275,000, upon the closing of the proposed business combination (the \"IGI Business Combination\") between Tiberius and International General Insurance Holdings Limited, a company organized under the laws of the Dubai International Financial Center (\"IGI\"). To date, Tiberius has entered into agreements, including the Warrant Purchase Agreement, to repurchase a total of 6,000,000 of its warrants upon the closing of the IGI Business Combination. All repurchased warrants will be immediately retired.\n\n \n \n\n \nTiberius also announced that its sponsor, Lagniappe Ventures LLC, has agreed to forfeit and cancel 180,000 of its shares of common stock of Tiberius upon the closing of the IGI Business Combination.\nTiberius intends to close the IGI Business Combination within two business days after satisfaction of the requisite closing conditions and approvals contained in the definitive agreement for the IGI Business Combination. Upon the closing of the IGI Business Combination, International General Insurance Holdings Ltd., a Bermuda exempted company (\"IGI Holdings\"), will become the publicly traded combined company, with its shares trading on the Nasdaq Capital Market under the ticker \"IGIC\".\nAbout IGI: IGI is a leading international specialist commercial insurer and reinsurer, underwriting a diverse portfolio of specialty lines. Established in 2001, IGI is an entrepreneurial business with a worldwide portfolio of energy, property, construction & engineering, ports & terminals, financial institutions, casualty, legal expenses, general aviation, professional indemnity, marine liability, political violence, forestry and reinsurance treaty business. Registered in the Dubai International Financial Centre with operations in Bermuda, London, Amman, Labuan and Casablanca, IGI always aims to deliver outstanding levels of service to clients and brokers. IGI is rated \"A\" (Excellent) with a Stable outlook by AM ...

More updates from International General Insurance Holdings Ltd.