Company: TIPT
Filing Date: 2025-10-17
Form Type: PREM14A
Source: 0001140361-25-038514
Chunk: 81

Company: TIPTREE INC.
Filing Date: 2025-10-17
Form: PREM14A
Chunk 81
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 on January 29, 2024, Fortegra announced the launch of an IPO with the intent to use the net proceeds to, among other things, continue to execute Fortegra’s growth strategy. The IPO was withdrawn on February 7, 2024 again due to limited institutional investor demand at or near the expected valuation range. Following the withdrawal of the IPO, Tiptree received several inquiries from third parties interested in exploring an investment in or acquisition of Fortegra.

On February 28, 2024, Tiptree held discussions with a private equity firm (“Sponsor A”) concerning a possible investment in Fortegra.

On March 4, 2024, Tiptree and the WP Investor held discussions initiated by an investment bank regarding a potential transaction between Fortegra and a special purpose acquisition company (“SPAC”).

On March 11, 2024, representatives of Sponsor A shared a term sheet with members of Tiptree management contemplating a preferred stock investment by Sponsor A in Fortegra and Fortegra’s using the net proceeds from such investment to partially repay debt and as growth capital.

On March 14, 2024, Tiptree and the WP Investor held a discussion regarding Fortegra’s near- and long-term capital needs to support its growth initiatives. Following discussion, Tiptree and the WP Investor determined instead to address the short-term capital needs via a $40 million cash investment in common stock of Fortegra from existing Fortegra equityholders rather than a preferred investment from Sponsor A. To address the long-term capital needs of Fortegra, Tiptree began a series of discussions with other potential long-term capital providers.

On March 21, 2024, members of Tiptree management held a discussion with representatives of Goldman Sachs & Co. LLC (“Goldman Sachs”), who had acted as one of the lead bookrunning managers on the withdrawn 2024 Fortegra IPO, to discuss re-launching an IPO of Fortegra as well as other capital raising alternatives for Fortegra, including the sale of a minority interest in Fortegra to a new investor and the sale of Fortegra’s non-insurance services business.

In March and April 2024, Tiptree, the WP Investor and the independent members of the Fortegra Board contributed an aggregate of $40 million in cash in exchange for shares of Fortegra common stock to support Fortegra’s growth opportunities. The contribution was made pro-rata based on the relative ownership percentage of Fortegra at that time.

On May 1, 2024