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PhunwareIGI Receives Two Additional Approvals In Connection with its Previously Announced Business Combination Agreement With Tiberius Acquisition Corp

Dubai Financial Services Authority Approval Share Exchange Agreements from IGI Shareholders Totaling 100% of Issued and Outstanding Shares International General Insurance Holdings Ltd. ("IGI" or

Benzinga · 02/07/2020 14:01
  • Dubai Financial Services Authority Approval
  • Share Exchange Agreements from IGI Shareholders Totaling 100% of Issued and Outstanding Shares

International General Insurance Holdings Ltd. ("IGI" or the "Company") today announced that it has received regulatory approval from the Dubai Financial Services Authority in connection with its previously announced business combination with Tiberius Acquisition Corp. (NASDAQ:TIBR) ("Tiberius"), a publicly traded special purpose acquisition company.

This approval, received on February 3, 2020, is one of the necessary steps towards successfully completing the transaction with Tiberius. IGI is awaiting approval from the Prudential Regulation Authority (UK).

Separately, IGI announced that it has received Share Exchange Agreements from existing IGI shareholders holding 100 percent of the issued and outstanding IGI common shares. This is in excess of the 90 percent threshold as set out in the Business Combination Agreement.

IGI intends to close the business combination two business days after satisfaction of the requisite closing conditions and approvals contained in the Business Combination Agreement. Upon close, IGI will be domiciled in Bermuda as International General Insurance Holdings Limited and trade under the NASDAQ ticker "IGIC".