North Pointe Holdings Corporation, a property and casualty insurer based in Southfield, Mich. that markets specialty commercial and personal insurance products, has closed the sale of an additional 225,000 shares of common stock in connection with the partial exercise of the over-allotment option granted to the underwriters of North Pointe’s recent initial public offering.
In total, North Pointe has issued and sold 4,225,000 shares in the offering. All shares were priced at $12 per share. There were no selling shareholders for the offering or the subsequent exercise of the over- allotment option. Net proceeds to North Pointe from the sale, including the over-allotment shares, totaled approximately $44.1 million. The shares have been listed on the Nasdaq National Market under the symbol “NPTE.”
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