Palomar Holdings Inc. (PLMR) Prices 1.2M Share Offering at $88/sh

Palomar Holdings, Inc. (NASDAQ: PLMR) today announced the pricing of its previously announced underwritten public offering (the “Offering) of 1,200,000 shares of Palomar’s common stock, par value $0.0001 per share (the “Common Stock”), at a public offering price of $88.00 per share. In addition, the underwriters have been granted a 30-day option to purchase up to 180,000 additional shares of Common Stock from the Company at the public offering price, less underwriting discounts and commissions.

The Company intends to use the net proceeds that it will receive from the offering for general corporate purposes, including using approximately $25.0 million to finance the contemplated acquisition of First Indemnity of America Insurance Company, a New Jersey domiciled insurance carrier specializing in surety bonds for small to medium sized contractors primarily in the Northeast United States, and to fund future growth.

J.P. Morgan, Evercore ISI, and Keefe, Bruyette & Woods, Inc., A Stifel Company, acted as joint lead book-running managers for the Offering, and Citizens JMP Securities, LLC, Dowling & Partners Securities, LLC, and William Blair & Company, L.L.C., also acted as joint book-running managers for the Offering.

The shares of Common Stock described above are being offered by Palomar pursuant to its shelf registration statement on Form S-3 that became automatically effective upon filing with the Securities and Exchange Commission (the “SEC”) on August 8, 2024. The offering may be made only by means of a prospectus supplement and accompanying prospectus. A preliminary prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. A final prospectus supplement and accompanying prospectus will be filed with the SEC, copies of which may be obtained, when available, by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, by email at [email protected] and [email protected]; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at 1-888-474-0200, or by email at [email protected]; or Keefe, Bruyette & Woods, Inc., 787 Seventh Ave., 4th Floor, New York, NY, 10019, Attention: Equity Capital Markets, or by calling 800-966-1559, or by emailing [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there 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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