InsuraGuest closes rights offering
InsuraGuest announced that their Rights Offering, which expired on April 29, 2024, was fully subscribed, raising approximately $813,111 from 65,048,925 exercised rights.
Douglas Anderson, the guarantor, will receive a warrant to buy 311,209 shares at $0.05 each, expiring in five years. Although he was only required to purchase his minimum subscription of 19,216,166 shares, he bought an additional 19,118,309 shares to ensure full subscription. Anderson now holds 52,852,605 shares, representing 31% of the total shares.
Additionally, $2,790 from Paul Skene’s subscription is held in escrow pending TSXV approval, as it would make him a more than 10% shareholder.
Founded in 2017, the Utah-based company offers hotel guest protection policies and claims to have insured over 1 million guests. It went public in 2020, lost 22% of its workforce in the past year, and has seen its stock lose 84% of its value, now trading at less than two cents.