IGI Announces Expiration and Results of the Offer to Purchase and Consent Solicitation Relating to its Warrants

International General Insurance Holdings Ltd. (“IGI” or the “Company”) (Nasdaq: IGIC) today announced that it has successfully completed a tender process with regard to its offer to purchase (the “Offer”) all of its outstanding public warrants and private warrants (collectively, the “Warrants”) to purchase its common shares, par value $0.01 per share, at a purchase price of $0.95 per Warrant in cash, without interest. The successfully completed tender process, when combined with the contemplated redemption of untendered public warrants, will lead to a simplified capital structure with no Warrants.

Tender Process Details

IGI’s offer to purchase (a) 12,750,000 publicly traded warrants to purchase IGI’s common shares which were publicly issued and sold as part of the units in the initial public offering of Tiberius Acquisition Corporation on March 20, 2018 (the “Tiberius IPO”), and assumed by the Company on March 17, 2020, and which entitle such warrant holders to purchase one of IGI’s common shares at an exercise price of $11.50, subject to adjustments (the “Public Warrants”), and (b) 4,500,000 warrants to purchase IGI’s common shares which were privately issued and sold in connection with the Tiberius IPO pursuant to an exemption from registration under the Securities Act of 1933, as amended, and assumed by the Company on March 17, 2020, and which entitle such warrant holders to purchase one of IGI’s common shares at an exercise price of $11.50, subject to adjustments (the “Private Warrants”), expired at 12:00 midnight, Eastern Time, at the end of the day on September 18, 2023 (the “Expiration Date”).

IGI has been advised that, as of the Expiration Date, (i) 12,052,030 Public Warrants had been validly tendered and not validly withdrawn from the Offer, representing approximately 95% of the outstanding Public Warrants and (ii) 4,500,000 Private Warrants had been validly tendered and not validly withdrawn from the Offer, representing 100% of the outstanding Private Warrants, which cumulatively comprised approximately 96% of all outstanding Warrants. Pursuant to the terms of the Offer, the Company expects to pay an aggregate of $15.7 million in cash in exchange for such Warrants. Such payment will be made promptly. Holders of Warrants that were validly tendered and not validly withdrawn prior to the expiration of the Offer and Consent Solicitation will receive $0.95 per share for each Warrant tendered by the holder and exchanged pursuant to the Offer. The Company expects to accept all validly tendered Warrants for exchange and settlement on or before September 22, 2023 (the “Settlement”).