A Locke Lord team led by Brett Pritchard (Chicago) represented Vericity, Inc. in its $150 million initial public offering of common stock that closed on August 7, 2019. The IPO was conducted in connection with the subscription rights conversion of Members Mutual Holding Company from mutual to stock form that was completed under the Illinois Insurance Code. In the IPO, shares were offered on a priority basis to the members of Members Mutual and to its directors, officers and employees. Unsubscribed shares were purchased by an affiliate of a private equity fund advised by J.C. Flowers & Co. LLC, that acted as standby purchaser for the IPO. Vericity’s common stock trades on the Nasdaq Capital Market under the symbol “VERY.” The Locke Lord team working on the IPO included Charles Wu, Tamer Tullgren, Kerry Vyverberg, Tom Bohac (all of Chicago), Stan Keller (Boston) and James Channo (London) for corporate and securities matters, Ben Sykes and Tim Farber (both of Chicago) for insurance regulatory law, Chris Flanagan (Boston) and Mike Conroy (Chicago) for tax matters, Ben Ferrucci (Boston) for employee benefits issues, and Joe Farside (Providence) for HSR law.
Posted on September 17, 2019