M&A - KINGSWAY FINANCIAL SERVICES INC

Form Type: SCHEDULE 13D/A

Filing Date: 2025-02-14

Corporate Action: Acquisition

Type: Update

Accession Number: 000092189525000508

Filing Summary: This filing, referred to as the Forty-Third Amendment, is a joint report by Stilwell Activist Fund, L.P. and related entities regarding their acquisition of shares in Kingsway Financial Services Inc. The Group collectively holds an aggregate of 6,968,290 shares of Common Stock, which includes shares convertible from Class C Preferred Stock. Notably, members of the Group entered into a Subscription Agreement on February 12, 2025, to purchase Class C Preferred Stock, showcasing their intent to profit from an appreciation in market prices. The Subscription Agreement establishes a purchase of shares at a stated value of $25 per share, convertible into Common Stock at a set ratio. The Group has expressed dissatisfaction with the current market prices relative to the Issuer's asset values, indicating an activist stance. There is no indication of plans for significant corporate changes aside from continued shareholder rights engagement. The filing incorporates various previous amendments and clarifies the relationships and responsibilities among the Group members, mainly focused on investment management activities.

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