Presurance Holdings Raises $14M Through $1 Rights Offering, Redeems Series B Preferred
Presurance Holdings sold 4.28 million common shares through subscriber rights at $1 each and Clarkston Companies purchased an additional 9.72 million shares under a backstop commitment, raising $14 million gross. The proceeds funded redemption of Series B Preferred Stock and payment of accrued dividends, with remaining funds for general corporate purposes.
1. Rights Offering Closure
On February 27, 2026, Presurance Holdings completed its rights offering, with subscription rights exercised for 4,284,640 shares of common stock at a $1.00 per share subscription price. Rights not exercised by the 5:00 p.m. Eastern Time deadline on February 24, 2026, expired and the offering was terminated for unissued shares.
2. Backstop Commitment Details
Under a Backstop Agreement dated February 3, 2026, Clarkston Companies agreed to purchase all unsubscribed shares at $1.00 per share, resulting in acquisition of 9,715,360 shares. In connection with this commitment, the company redeemed its Series B Preferred Stock and paid all accrued dividends on those preferred shares.
3. Use of Proceeds
The combined rights offering and backstop commitment generated $14 million in gross proceeds. These funds were used to redeem Series B Preferred Stock, satisfy accrued dividend obligations, and will support general corporate purposes moving forward.