Orion180 Insurance Group Inc. - IPO
Orion180 Insurance Group Inc. will have two classes of common stock, with Class A shares entitled to one vote and Class B shares entitled to ten votes, with Kenneth Gregg, the CEO, holding all Class B shares and controlling significant voting power post-offering.
Why this matters
Orion180 Insurance Group Inc., based in Florida, operates within the insurance agents, brokers, and service industry. The company is coming to market with an IPO, featuring a dual-class stock structure where Class A shares carry one vote each, and Class B shares, held exclusively by CEO Kenneth Gregg, carry ten votes each. This structure will allow Gregg to maintain significant control over the company's voting power post-offering. The IPO includes an Equity Incentive Plan, offering non-qualified stock options to certain employees, with options vesting over 12 to 36 months and a weighted-average exercise price of $1.15.