Company: KG
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028251
Chunk: 42

Company: Kestrel Group Ltd
Filing Date: 2025-03-26
Form: 424B3
Chunk 42
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 by Bermuda NewCo at the closing, unless (i) the transferee is any of KILH’s or AmTrust’s respective direct or indirect partners (including limited partners), members, equity holders or controlled affiliates and agrees to be bound by the terms of the respective registration and investor rights agreement, or (ii) such transfer is otherwise approved by a majority of the unaffiliated directors of Bermuda NewCo.

The Bermuda NewCo common shares to be issued to Maiden shareholders in connection with the transaction will be freely tradeable, except for Bermuda NewCo common shares issued in connection with the transaction to persons who become affiliates of Bermuda NewCo for purposes of Rule 144 under the Securities Act, which shares may be resold by such shareholders only in transactions permitted by Rule 144, or as otherwise permitted under the Securities Act. We are unable to estimate the number of shares that will be sold under Rule 144 since this will depend on the market price for our common shares, the personal circumstances of the shareholder and other factors. Persons who may be deemed affiliates of Bermuda NewCo generally include individuals or entities that control, are controlled by, or are under common control with, Bermuda NewCo and may include Bermuda NewCo’s directors, executive officers and principal shareholders.

Name Change and Listing of Common Shares on Nasdaq (Page 103)

Each of Bermuda NewCo and Maiden have agreed to use reasonable best efforts to take, or cause to be taken, all actions, and to do or cause to be done all things, necessary, proper or advisable under applicable laws and the rules and policies of Nasdaq and the SEC to enable the listing of the Bermuda NewCo common shares to be issued in connection with the second merger (and as a result thereof, the first merger and the Kestrel contribution) on Nasdaq no later than the second merger effective time, subject to official notice of issuance. Immediately following the closing, Bermuda NewCo’s name will be changed to “Kestrel Group Ltd” and the common shares of Kestrel Group Ltd will be listed on the Nasdaq under the ticker symbol “KG.”

Delisting and Deregistration of Maiden Shares from Nasdaq (Page 103)

Maiden has agreed to use reasonable best efforts to take, or cause to be taken, all actions, and to do or cause to be done all things, necessary, proper or advisable under applicable laws and the rules and policies of Nasdaq and the SEC, to cause Maiden shares to be de-listed from Nasdaq and de-registered under