/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, March 29,
2024 /CNW/ - Tiptree Inc. ("Tiptree") (NASDAQ:
TIPT) announces that certain of its subsidiaries (collectively the
"Sellers"), entered into an agreement to dispose of an
aggregate of 16,982,283 common shares (the "Common Shares")
of Invesque Inc. ("Invesque"), in a private sale.
On March 29, 2024, the Sellers and
IVQ Stock Holding Company, LLC (the "Purchaser") entered
into a definitive share purchase agreement (the "Share Purchase
Agreement") pursuant to which the Purchaser will purchase from
the Sellers an aggregate of 16,982,283 Common Shares for
US$0.036803 per Common Share,
representing an aggregate purchase price of US$625,000 (the "Transaction").
Pursuant to the Share Purchase Agreement, the purchase of the
Common Shares is expected to be completed on or before April 30, 2024, following the satisfaction of
certain conditions. Based on the daily average exchange rate
on March 28, 2024, the Canadian
equivalent for the price per Common Share is CDN$0.049868 and the aggregate purchase price is
CDN$846,875
Prior to the Transaction, Tiptree beneficially owns 16,982,283
Common Shares of Invesque, representing 30.2% of the issued and
outstanding Common Shares of Invesque.
Upon completion of the Transaction, Tiptree will no longer have
ownership of, or control or direction over, any Common Shares of
Invesque. Upon completion of the Transaction, Tiptree's ownership
of the issued and outstanding Common Shares will decrease to zero
and Tiptree will no longer hold securities representing 10% or more
of Invesque.
Tiptree, through the Sellers, entered into the Share Purchase
Agreement in order to dispose of its interest in Invesque. Tiptree
may in the future acquire or dispose of securities of Invesque,
through the market, privately or otherwise, as circumstances or
market conditions warrant.
This press release is being issued pursuant to National
Instrument 62-103 - The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues which requires a
report to be filed under Invesque's profile on SEDAR+
(www.sedarplus.ca) containing additional information respecting the
foregoing matters. A copy of such report may be obtained by
contacting Tiptree Inc., 660 Steamboat Road, Fl 2, Greenwich, CT 06830, Attn: Secretary, or by
calling our corporate number at (212) 446-1400.
About Tiptree
Tiptree Inc. (NASDAQ: TIPT) allocates capital to select small
and middle market companies with the mission of building long-term
value. Established in 2007, Tiptree has a significant track record
investing across a variety of industries and asset types, including
the insurance, asset management, specialty finance, real estate and
shipping sectors. With proprietary access and a flexible capital
base, Tiptree seeks to uncover compelling investment opportunities
and support management teams in unlocking the full value potential
of their businesses. For more information, please visit
tiptreeinc.com and follow us on LinkedIn.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of securities laws and involve risks, uncertainties and
contingencies, many of which are beyond Tiptree's control, that may
cause actual results, performance, or achievements to differ
materially from anticipated results, performance, or achievements.
All statements contained in this release that are not clearly
historical in nature are forward-looking, and the words "will",
"expect" or "following" or similar expressions are intended to
identify forward-looking statements. Such forward-looking
statements include, but are not limited to, statements relating to
the completion of the Transaction. The forward-looking statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors, many of which are beyond our
control, are difficult to predict and could cause actual results to
differ materially from those expressed or forecast in the
forward-looking statements. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as to the date of this release. The factors described therein
are not necessarily all of the important factors that could cause
actual results or developments to differ materially from those
expressed in any of our forward-looking statements. Other unknown
or unpredictable factors also could affect our forward-looking
statements. Given these uncertainties, you should not place undue
reliance on these forward-looking statements. Except as required by
the federal securities laws, we undertake no obligation to update
any forward-looking statements.
SOURCE Tiptree Inc.
