Business
NI Holdings, Inc. Announces $10M Repurchase Plan
FARGO, N.D., May 09, 2022 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today announced that its Board of Directors has approved an authorization for
About this update from Ni Holdings, Inc.
[{"type":"text","content":"FARGO, N.D., May 09, 2022 (GLOBE NEWSWIRE) -- NI Holdings, Inc. (NASDAQ: NODK) today announced that its Board of Directors has approved an authorization for the repurchase of up to approximately $10 million of the company’s outstanding common stock. This supports our planned approach to capital deployment to create long-term value for our shareholders – through share repurchases and future strategic acquisitions. This authorization is in addition to approximately $2.0 million remaining under the Board’s previous repurchase authorization announced on August 16, 2021, for a total of approximately $12.0 million available for the repurchase of the company’s outstanding common stock. The actual timing, number, and value of common shares repurchased under the plan will be determined by management in its discretion and will depend on a number of factors, including, among others, general market and business conditions, the trading price of common shares, and applicable legal requirements. The Company has no obligation to repurchase any common shares under the authorization, and the repurchase plan may be suspended, discontinued, or modified at any time for any reason. NI Holdings, Inc. had 21,235,174 shares of common stock outstanding as of April 30, 2022, per the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2022. About the Company NI Holdings, Inc. is an insurance holding company. The company is a North Dakota business corporation that is the stock holding company of Nodak Insurance Company and became such in connection with the conversion of Nodak Mutual Insurance Company from a mutual to stock form of organization and the creation of a mutual holding company. The conversion was consummated on March 13, 2017. Immediately following the conversion, all of the outstanding shares of common stock of Nodak Insurance Company were issued to Nodak Mutual Group, Inc., which then contributed the shares to NI Holdings in exchange for 55% of the outstanding shares of common stock of NI Holdings. Nodak Insurance Company then became a wholly-owned stock subsidiary of NI Holdings. NI Holdings completed the acquisition of Direct Auto Insurance Company on August 31, 2018, which is a wholly-owned stock subsidiary of NI Holdings. NI Holdings completed the acquisition of Westminster American Insurance Company on January 1, 2020,...