GWG Holdings Files For $15 Mln IPO

(RTTNews) - GWG Holdings, which acquires and holds life insurance policies in the secondary market from policy owners desiring to sell their policies at a discount to the face value of the insurance benefit, filed a registration statement on Friday on Form S-1 with the U.S. Securities and Exchange Commission to raise up to $15 million in an initial public offering

The company, which was founded in 2006, plans to list on the NASDAQ under the symbol GWGH. However, it did not mention the number of shares, and the estimated price range.

MLV & Co is the sole bookrunner on the deal, the company said in its filing.

The Minneapolis, Minnesota -based company intends to use offering net proceeds to promote and advertise the opportunities for consumers owning life insurance and investors to profit from participating in the secondary market for life insurance policies; purchase additional life insurance policies in the secondary market; pay premiums on life insurance policy assets own; and fund portfolio operations and for working capital purposes.

For the year ended December 2013, the company's loss attributable to shareholders narrowed to $1.00 million or $0.11 per share from a loss of $2.59 million or $0.26 per share last year. Revenue for the quarter grew to $33.06 million from $17.53 million in the previous year.