1347 Property Insurance Prices Public Offering Of 2.50 Mln Shares At $8/shr

(RTTNews) - 1347 Property Insurance Holdings Inc. (PIH) announced the pricing of an underwritten public offering of 2.50 million shares of its common stock at a public offering price of $8.00 per share.

The company said it has granted the underwriters a 45-day option to purchase up to 375,000 additional shares of common stock to cover over-allotments, if any. Gross proceeds to the Company from this offering, assuming no exercise of the underwriters' over-allotment option, are expected to be approximately $20 million before deducting underwriting discounts and commissions and offering expenses by the Company.

The offering is expected to close on or about June 13th, 2014, subject to customary closing conditions.