05:53 PM EDT, 08/08/2024 (MT Newswires) -- Palomar Holdings ( PLMR ) unveiled an underwritten public offering of 1.2 million shares late on Thursday.

The company intends to grant underwriters a 30-day option to purchase up to 180,000 additional shares.

The company intends to use the net proceeds for general corporate purposes, including paying about $25 million to finance the contemplated acquisition of First Indemnity of America Insurance.

Palomar ( PLMR ) shares dropped more than 4% in after-hours activity.

Price: 89.22, Change: -4.15, Percent Change: -4.44