Openly Inc. announced that it expects to receive $39.999984 million in funding
December 03, 2020
Share
Openly Inc. announced that it will issue 7,148,982 series B preferred shares at an issue price of $5.5952 per share for the gross proceeds of $39,999,984.0864 on December 4, 2020. The shares are convertible, participating, non-redeemable and non-cumulative. The shares carry non-cumulative fixed dividend rate of 8% per annum.
The shares will be convertible in common shares at a fixed conversion price of $5.5952 per share. The round will be raised at a post-money valuation of $173,742,598. The company will issue securities pursuant to exemption provided under Regulation D.
Greenlight Capital Re, Ltd. provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. Its property business covers personal lines, commercial lines exposures and automobile physical damage. The property business includes both catastrophe and non-catastrophe coverage. Its casualty business covers general liability, motor liability, professional liability, and workers compensation exposures. The Company's multi-line business includes the Funds at Lloyd's business. Its other business covers accident and health, financial (including transactional liability, mortgage insurance, surety, and trade credit), marine, energy, as well as other specialty business, such as aviation, crop, cyber, political, and terrorism exposures. Its subsidiaries include Greenlight Reinsurance, Ltd., Greenlight Re Marketing (UK) Limited, and others.
GREENLIGHT CAPITAL RE, LTD. 
