Conifer Holdings (CNFR) Prices 3.1M Common Stock IPO at $10.50/Share, Slightly Below Expectations

Conifer Holdings, Inc., (Nasdaq: CNFR) announced the pricing of its initial public offering of 3,100,000 shares of its common stock at a price to the public of $10.50 per share. The shares will begin trading on the Nasdaq Global Market this morning, under the ticker symbol "CNFR."

**** The company was recently expecting a price of $11 - $13 per share.

All of the 3,100,000 shares in the offering are offered by Conifer Holdings. The underwriters also have been granted a 30-day over-allotment option to purchase up to an additional 465,000 shares from the company on the same terms and conditions.

The shares are expected to be delivered on or about August 18, 2015, subject to customary closing conditions. Net proceeds to Conifer Holdings from this offering are expected to be approximately $28.8 million. If the underwriters exercise their overallotment option in full, the net proceeds to Conifer Holdings would be approximately $33.3 million. The company intends to use the funds primarily to pay down senior debt, to purchase outstanding preferred stock and pay accrued preferred stock dividends, to fund the growth of its operating subsidiaries and for general corporate purposes.

BMO Capital Markets Corp. and Raymond James & Associates, Inc., are serving as active joint book-runners for the offering. Sandler O'Neill & Partners, L.P., and William Blair & Company L.L.C. are acting as co-managers for the offering.

The registration statement for the company relating to these securities was declared effective by the Securities and Exchange Commission on August 12, 2015. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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