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In the offering, an affiliate of Fox Paine invested approximately $60.5 million in the company pursuant to its agreement to back stop the transaction, increasing its equity ownership from 45.1% to 52.5% and its voting power from 88.1% to 89.7%, and $39.6 million was raised from other shareholders.
The company intends to use the net proceeds of this rights offering and the back stop commitments for general corporate purposes, including increasing its holding company liquidity and exploring strategic opportunities.
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