New Stock Arbitrage — Financial 15 Split Corp.

Financial 15 Split Corp is a Canada-based company. It is an independent investment management firm that is focused on the creation and management of enhanced yield products for retail investors. Its products consist of income financial trust, m-split corp, commerce split corp, and others. The company offers two types of shares that are preferred shares and class A shares. It receives maximum revenue in the form of appreciation of share prices.

Financial 15 Split Corp. announced it had undertaken an offering of Preferred Shares and Class A Shares of the Company. The offering will be co-led by National Bank Financial Inc., CIBC World Markets Inc., Scotia Capital Inc. and RBC Capital Markets. The Preferred Shares will be offered at a price of $9.85 per Preferred Share and the Class A Shares will be offered at a price of $8.15 per Class A Share. The closing price on the TSX of each of the Preferred Shares and the Class A Shares on April 22, 2019 was $9.97 and $8.22, respectively.

The net proceeds of the offering will be used by the Company to invest in an actively managed, high quality portfolio consisting of 15 financial services companies made up of Canadian and U.S. issuers, including Bank of Montreal, National Bank of Canada, Bank of America Corp., Manulife Financial Corporation, and Citigroup Inc.

The sales period of this overnight offering will end at 9:00 a.m. EST on April 24, 2019. The offering is expected to close on or about April 30, 2019.