Fort Worth, Texas-based insurance holding company Hallmark Financial Services Inc. announced that its registration statement on Form S-1 has been declared effective by the Securities and Exchange Commission, the offering of shares of its common stock has been priced at $9.00 per share, and an underwriting agreement has been executed with the underwriters of the public offering.
Pursuant to the underwriting agreement, the company will sell 3,000,000 shares of its common stock and has granted the underwriters a 30-day option to purchase an additional 450,000 shares to cover over-allotments, if any.
Hallmark intends to use the net proceeds from the public offering to repay certain indebtedness and for general working capital purposes.
Hallmark also announced that its common stock has been approved for listing on the NASDAQ Global Market under the symbol “HALL.” As a result, trading in Hallmark common stock will cease on the American Stock Exchange and commence on the NASDAQ Global Market effective as of the open of the markets on Oct. 6, 2006.
Piper Jaffray & Co. is acting as sole bookrunning manager for the offering and William Blair & Company, L.L.C., Keefe, Bruyette & Woods, Inc. and Raymond James & Associates, Inc. are acting as co-managers.
Source: Hallmark
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