Tiberius TIBRU = 1C + 1W
1 Warrant + 11.50. Call 18,
Trust $10.10. ~~$151mm. Trust - JPMorgan. Continental trustee
Expire 3/20/2020 24 mo. expiration.
Our intent is to focus our efforts on seeking and completing an initial business combination within the middle-market insurance sector that has an expected enterprise value of approximately between $250 million to $800 million.
An institutional investor, whom we refer to as our “anchor investor,” has committed, pursuant to a forward purchase contractwith us, to purchase, in a private placement to occur concurrently with the consummation of our initial business combination, 1,500,000 of our units , at $10.00 per unit, and 300,000 shares of common stock (which shares shall be issued for no additional consideration and shall otherwise have the same terms as the founder shares described herein) for total gross proceeds of $15,000,000.
Accredited investors, whom we refer to as our “co-anchor investors,” have also committed, pursuant to a forward purchase contract with us, to purchase, in a private placement to occur concurrently with the consummation of our initial business combination, 1,000,000 shares of our common stock at a purchase price of $10.00 per share and 100,000 additional shares of our common stock (which shares shall be issued for no additional considerationand shall otherwise have the same terms as the founder shares described herein) for total gross proceeds of $10,000,000.
Michael T. Gray, our Executive Chairman and Chief Executive Officer, has over 30 years of leadership experience in the insurance industry. He is the principal executive and President of The Gray Insurance Company, a middle-market property and casualty insurance company with an A.M. Best credit rating of ‘A-’.
Andrew J. Poole, our Chief Investment Officer and Director, has over 13 years of diversified insurance company investment experience ... Currently an investment consultant at The Gray Insurance Company,.... Partner and Portfolio Manager at Scoria Capital Partners, LP, a long/short equity hedge fund, where he managed a portion of the firm’s capital including insurance sector investments. ...Prior to Scoria, Mr. Poole held various positions at Diamondback Capital Management and SAC Capital, both multi-strategy multi-manager cross capital structure long/short hedge funds.