HAMILTON, Bermuda and NEW YORK, Nov. 6, 2018
HAMILTON, Bermuda and NEW YORK, Nov. 6, 2018 /PRNewswire/ -- Sirius International Insurance Group, Ltd. ("Sirius Group"), a global multi-line insurance and reinsurance group, announced that its common shares began trading today on the Nasdaq Global Select Market under the symbol "SG".
Pursuant to the previously announced business combination with Easterly Acquisition Corp. ("Easterly"), by which a wholly owned subsidiary of Sirius Group merged with and into Easterly, and Easterly became a wholly owned subsidiary of Sirius Group (the "Merger"), each share of Easterly common stock was exchanged for 0.609 of a Sirius Group common share on November 5, 2018, and Easterly's common stock ceased trading on the Nasdaq Capital Market. On November 5, 2018, the closing trading price of a share of Easterly common stock was $10.44, implying a price per Sirius Group common share of $17.14 as of the Merger.
Prior to share repurchases from CM Bermuda Ltd. effective as of closing of the Merger, Sirius Group's total number of basic common shares outstanding were 124,644,505. After such share repurchases, basic common shares outstanding are 115,125,225. These share counts exclude shares authorized for issuance upon conversion of the Series B Preference Shares issued by Sirius Group in connection with the Merger of 11,901,670. Total basic common shares outstanding plus the Series B Preference Shares total 127,026,895.
Additionally, upon the consummation of the Merger, each of Easterly's public warrants ceased to represent a right to acquire shares of Easterly's common stock and instead represent the right to acquire 0.609 of a Sirius Group common share on the same terms as in effect immediately prior to the closing of the Merger, except that the exercise price for each Sirius Group common share is equal to $18.88. Sirius Group has applied to list the public warrants on the OTCQX International market under the symbol "SGRPW".
Sirius Group also announced that it expects to release its 2018 third quarter and nine months earnings results on Friday, November 16, 2018, after the markets close.
About Sirius Group
Sirius Group is a Bermuda-based holding company with (re)insurance operating companies in Bermuda, Stockholm, New York and London. Established in 1945, Sirius Group, utilizing its unique global branch network, provides multi-line insurance and reinsurance in over 140 countries. Sirius Group wrote gross written premiums of $1.4 billion in 2017 utilizing disciplined and professional underwriting, superior risk evaluation and best-in-class pricing technology. Sirius Group's subsidiaries provide multi-line (re)insurance capacity, including lead capacity for property, accident & health and other exposures. Additional information is available at Sirius Group's website, located at www.siriusgroup.com.