UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
−Removed: On June 13, 2019, the Company’s Board of Directors authorized a private placement stock purchase offering wherein the Company was authorized to sell a maximum of $10.0 million of the Company’s common stock, no par value per share, pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D as promulgated under the Securities Act and in accordance with applicable federal securities laws, including Rule 10b5-1 and 10b-18 of the Securities Exchange Act of 1934 as amended.
−Removed: The participants in the private placement consisted mainly of members of the Company's Board of Directors.
−Removed: Under this private placement offering, the Company issued $5.0 million of common equity consisting of 1,176,471 shares at a price of $4.25 per share on June 28, 2019.
−Removed: The Company's common stock closing market price on the Nasdaq Stock Market on June 28, 2019, was $3.99 per share.
−Removed: The offering was made to accredited investors only.
−Removed: No commissions or other remuneration were paid in connection with the issuance.
−Removed: The actual timing, number and value of shares to be issued under the private placement offering was determined by management in its discretion and depended on a number of factors, including the market price of the Company’s stock, general marketing conditions, and other factors.
−Removed: The Company used the proceeds for growth capital in the Company's specialty core commercial business segments.
−Removed: No underwriters were involved in the sales of securities.
−Removed: The issuances of the securities described above were deemed to be exempt from registration under the Securities Act in reliance on Section 4(2) of the Securities Act as transactions by an issuer not involving a public offering.
Incorporated by Reference
17 unchanged sentences
Principal Accounting Officer
−Removed: November 12, 2020
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.