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Classified in: Business
Subject: OFR

Midwest Holding Inc. Announces Closing of Public Offering

LINCOLN, Neb., Dec. 21, 2020 /PRNewswire/ -- Midwest Holding Inc. ("Midwest") (NASDAQ: "MDWT") today announced the closing of its previously announced underwritten public offering of 1,000,000 shares of its voting common stock at a price to the public of $70.00 per share. The aggregate net proceeds to the Company are expected to be approximately $65.1 million, after deducting underwriting discounts and commissions.

Midwest intends to use the net proceeds of the offering to support the growth of its insurance subsidiary, American Life & Security Corp., including possible product expansion and for general corporate purposes.

Piper Sandler & Co. acted as sole bookrunner and JMP Securities acted as co-manager for the offering.

The offering was made pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission (the "SEC"). The final prospectus supplement relating to the offering has been filed with the SEC and is available at the SEC's website at www.sec.gov. Alternatively, Midwest, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll free at 866-805-4128.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Midwest Holding Inc.

Midwest Holding Inc. is a financial services company focused on providing technology-enabled and services-oriented solutions to distributors and reinsurers of annuity and life insurance products in the United States.  Midwest provides an end-to-end solution to manage annuity and life insurance policies that includes a broad set of product development, distribution support, policy administration, and asset liability management services.  Midwest sells, underwrites, and markets annuity products in 20 states and the District of Columbia through its subsidiary American Life & Security Corp.  Midwest also provides reinsurance management and asset management services as a comprehensive solution for reinsurers. 

Forward-Looking Statements

Any statements in this release that are not historical or current facts, including statements regarding Midwest's use of proceeds, are forward-looking statements. Forward-looking statements convey Midwest's current expectations or forecasts of future events. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Midwest's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Prospectus Summary" and "Risk Factors" sections of the prospectus referred to above and in Midwest's most recent annual and quarterly reports and other required reports, as filed with the Securities and Exchange Commission, which are available at the SEC's website at http://www.sec.gov. Unless required by law, Midwest undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date of this press release.


Midwest Holding Inc.
Noh-Joon Choo
Phone: (646) 978-5324
Email: IR@midwestholding.com

Investor Relations:
The Blueshirt Group, for Midwest Holding Inc.
Chris Mammone
Email: IR@midwestholding.com

SOURCE Midwest Holding Inc.

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