European Car Sales Surge in March as EV and Hybrid Demand Accelerates 
SK Hynix Reports Record Q1 Profit Surge Driven by AI Memory Chip Demand 
Tesla Q1 Earnings Preview: Robotaxi Delays and SpaceX Merger Speculation Grow 
Samsung Boosts DRAM Supply to Tesla as AI-Driven Memory Demand Surges 
Florida Investigates OpenAI and ChatGPT Over Alleged Role in FSU Shooting 
Rising Jet Fuel Costs from Iran Conflict Push Airfare Higher Across Europe 
Meta Expands AI Training With Employee Activity Tracking Tools 
J.P. Morgan Downgrades Essity AB on Rising Costs and Weak Earnings Outlook 
Nvidia Pushes 800V Data Center Power Systems to Boost Efficiency and Cut Costs 
Elon Musk Signals Intel 14A Chips for Tesla’s Terafab AI Semiconductor Venture 
Apple Stock Dips as Tim Cook Steps Down, John Ternus Named Next CEO 
Polymarket Seeks $400M Funding Round, Targets $15B Valuation Amid Prediction Market Boom 
SK Hynix to Invest $13 Billion in AI Chip Packaging Facility 
Microsoft Commits $18 Billion to Expand AI and Cloud Infrastructure in Australia 
Jeff Bezos Eyes $10 Billion Funding Round for AI Venture Project Prometheus 
SpaceX President Gwynne Shotwell Earns $85.8M as IPO Buzz Grows 
Elon Musk Faces French Probe Over X and Grok Amid Rising U.S.-EU Tensions 
FARGO, N.D., March 15, 2017 -- Nodak Mutual Insurance Company has completed its conversion from a mutual to stock insurance company and the formation of a mutual holding company Nodak Mutual Group, Inc. and an intermediate stock holding company NI Holdings, Inc. NI Holdings common stock is expected to commence trading March 16, 2017 on the Nasdaq Capital Market as (NASDAQ:NODK).
Along with the completion of the mutual to stock conversion, NI Holdings completed a sale of 10,350,000 shares of its common stock at $10 per share in a stock offering to policyholders, an employee stock ownership plan, directors, officers and employees of the company and the general public. The offering was significantly over-subscribed. NI Holdings received orders for approximately $250 million. The appraisal range of the offering was $76.5 million to $103.5 million. The offering was closed at $103.5 million. Nodak Mutual Group owns 55% of NI Holdings.
Griffin Financial Group, LLC acted as placement agent for the offering. Stevens and Lee and Dorsey Whitney acted as counsel for Nodak Mutual.
Policyholders of Nodak Mutual had the option of exercising subscription rights to purchase NI Holdings stock or redeem their subscription rights for cash. Each policyholder was allocated 322 subscription rights that had a value of $0.67 per right as determined by an independent appraiser. Accordingly, each policyholder who redeemed his or her rights will receive a cash distribution of $215.74. Approximately 700 policyholders subscribed to purchase stock and approximately 26,000 policyholders will have their subscription rights redeemed. The aggregate distribution payable to policyholders is approximately $5.6 million.
Gross proceeds of the offering are $103.5 million. Net proceeds to NI Holdings after payment of transaction expenses and the redemption amount payable to non-subscribing policyholders is approximately $90 million.
As a result of the conversion, Nodak Mutual Insurance Company has changed its name to Nodak Insurance Company and is now a wholly owned subsidiary of NI Holdings, Inc.
About Nodak Insurance Company
Nodak Insurance Company, rated A (Excellent) by A.M. Best, is the largest domestic property/casualty insurer in the state of North Dakota. It has a statewide force of 70 agents and serves more than 26,000 North Dakota policyholders.
Investor Relations Contact: Brian Doom, Chief Financial Officer 701-298-4200 [email protected] Media Contact: Beth DuFault 701-298-4282 [email protected]
