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Note 18 - Shareholders' Equity
 6 Months Ended
Jun. 30, 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 and six months ended  June 30, 2023, 30,000 and 149,733 Preferred Shares, respectively, were converted into 187,500 and 935,831 common shares, respectively.  As a result, during the three and six months ended  June 30, 2023, $1.2 million and$6.1 million, respectively, was reclassified from redeemable Class A preferred stock to additional paid-in capital on the consolidated balance sheets.

 

On March 21, 2023, the Company's Board of Directors approved a security repurchase program under which the Company is authorized to repurchase up to $10.0 million of its currently issued and outstanding securities through March 22, 2024.  The timing and amount of any 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. During the three months ended  June 30, 2023, the Company repurchased, in the aggregate, 564,970 shares of common stock and warrants to purchase common stock for an aggregate purchase price of approximately $2.1 million, including fees and commissions.  The repurchased common stock will be held as treasury stock at cost and has been removed from common shares outstanding as of June 30, 2023. 

 

At  June 30, 2023, the Company had 2,594,125 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 and six months ended  June 30, 2023, warrants to purchase 53,101 and 1,311,941 shares of common stock, respectively, were exercised, resulting in cash proceeds of $0.3 million and $6.6 million, respectively.