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Note 18 - Shareholders' Equity
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Equity [Text Block]

NOTE 18 Shareholders' Equity

 

As described in Note 17, "Redeemable Class A Preferred Stock", during the three months ended March 31, 2023, 119,733 Preferred Shares were converted into 748,331 common shares.  As a result, $4.9 million was reclassified from redeemable Class A preferred stock to additional paid-in capital on the consolidated balance sheets at  March 31, 2023.

 

At  March 31, 2023, the Company has 3,205,896 warrants outstanding that expire on September 15, 2023. The warrants are recorded in shareholders' equity and entitle each subscriber to purchase one common share of Kingsway at an exercise price of $5.00 for each warrant. During the three months ended March 31, 2023, warrants to purchase 1,258,840 shares of common stock were exercised, resulting in cash proceeds of $6.3 million.

 

On March 21, 2023, the Company's Board of Directors approved a share repurchase program under which the Company is authorized to repurchase up to $10.0 million of its currently issued and outstanding common stock through March 21, 2024. No shares were repurchased during the three months ended March 31, 2023.  The timing and amount of any share repurchases are determined based on market and economic conditions, share price and other factors, and the program may be terminated, modified or suspended at any time at the Company's discretion.