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Quarterly results due after market close today.
Conference call tomorrow at 11:00am CT!
Midwest Holding Inc. ("Midwest") (NASDAQ: "MDWT"), a rapidly growing, technology-enabled, services-oriented annuity platform, announced today that The Federal Home Loan Bank of Topeka ("FHLBank Topeka") has approved Midwest’s subsidiary, American Life & Security Corp. ("ALSC") as a member organization. FHLBank Topeka is one of 11 Federal Home Loan Banks across the country. Through this new membership, American Life will have access to wholesale products, services and programs to help them expand the availability of mortgage credit, and compete more effectively in their markets.
https://ih.advfn.com/stock-market/NASDAQ/midwest-MDWT/stock-news/85038561/midwest-holding-inc-announces-its-subsidiary-ame
Effective April 2, 2021, the Registrant and its President, Mark A. Oliver, mutually agreed to terminate his employment with the Registrant as well as any other positions he held with the subsidiaries of the Registrant.
Per today's SEC filing.
New 5% ownership!
Wellington Trust Co has acquired a 5.38% stake in the MDWT.
https://ih.advfn.com/stock-market/NASDAQ/midwest-MDWT/stock-news/84691129/schedule-13g
Midwest Holding added to the Russell 2000 index!
https://ih.advfn.com/stock-market/NASDAQ/midwest-MDWT/stock-news/84635524/midwest-holding-inc-joins-russell-2000-index
Midwest Holding (MDWT) will join the Russell 2000 index on March 19!!
https://s27.q4cdn.com/816399992/files/doc_financials/2020/q4/MidwestHolding_Q42020_StakeholderLetter.pdf
We posted strong financial results, year-over-year:
» Our annuity direct written premiums grew 158% to $415.6m
» Our adjusted revenue increased 241% to $24.1m
Cash and investments grew from $148 million in 2019 to $669.9 million in 2020. INCREDIBLE!!!
Adjusted net income for 2019 was a loss of $2.1 million. For 2020 it was a gain of $1.1 million!
For the full year 2020, annuity direct written premiums grew 158% to $415.6
million, compared to $161.4 million in 2019.
For the full year 2020, adjusted revenue was $24.1 million, an increase of 241% compared to $7.1 million in 2019. The largest components of adjusted revenue in 2020 include:
• $12.5 million of net revenue on reinsurance, primarily ceding commissions
• $4.0 million of investment income, net of expenses
• Reversal of $2.9 million of net realized losses on investments related to the
total return on the asset portfolios held by Midwest as collateral
• $3.5 million of net realized gains on investments related to FIA hedging
10-K and conference call after market close on Monday! Expecting BIG news on earnings & maybe a new product announcement?
Conference call scheduled for March, 15, 2021 @ 5:30pm EST to discuss 4th quarter results & fiscal year 2020.
https://ir.midwestholding.com/news/news-details/2021/Midwest-Holding-Schedules-Conference-Call-to-Discuss-Fourth-Quarter-and-Fiscal-Year-2020-Results/default.aspx
CONFERENCE CALL DETAILS
To pre-register for this call, please go to the following link (you will receive your access details via email): https://www.incommglobalevents.com/registration/client/6993/midwest-holding-inc-q42020/
WEBCAST DETAILS (Audience)
Use this link to access the audience view of the webcast.
https://event.on24.com/wcc/r/3031855/C66A671B64E3CDEB9083A1CBF9FF8408
A replay of the webcast will be made available after the call on the Investor Relations page of the Company's website at https://ir.midwestholding.com
10-K (Annual Report) should be out in the next 2-3 weeks. I have a feeling it's going to be good!
10-Q due in May should be good also with the addition of Michigan, where the company can now sell its insurance products.
American Life & Security products now approved & available for those living in Michigan!!
https://www.linkedin.com/feed/update/urn:li:activity:6764532007608360962/
AM Best Revises Outlook of American Life & Security to positive.
https://www.businesswire.com/news/home/20210127005909/en/AM-Best-Revises-Outlooks-to-Positive-for-American-Life-Security-Corp
Midwest Holding Initiated at Overweight by Piper Sandler
7:47 am ET January 11, 2021 (Dow Jones)
Midwest Holding Initiated at Market Perform by JMP Securities
6:28 am ET January 11, 2021 (Dow Jones)
Midwest Holding Inc subsidiary American Life & Security Corp., upgraded by AM Best.
https://www.businesswire.com/news/home/20201202005901/en/AM-Best-Upgrades-Issuer-Credit-Rating-of-American-Life-Security-Corp.#:~:text=OLDWICK%2C%20N.J.%2D%2D(BUSINESS%20WIRE,Ratings%20(ratings)%20is%20stable.
Sorry, average price CEO Mike Minnich purchased 2,000 shares at is $60.02.
Co-CEO Mike Minnich purchases 2,000 shares on the open market at roughly $59.50 per share on average on 12/23/2020.
Per the most recent 10-Q and adding the $70 million from the IPO, Midwest currently has $54 per share in cash.
Trading of MDWT currently halted.
https://www.nasdaq.com/market-activity/stocks/mdwt
Midwest announces pricing of it's public offering:
https://finance.yahoo.com/news/midwest-holding-inc-announces-pricing-141500273.html?.tsrc=fin-srch
MDWT moved to the Nasdaq from the OTC:
https://otce.finra.org/otce/dailyList?viewType=Deletions
Thursday morning is the expected IPO and uplist of MDWT to the Nasdaq Capital Market!!
1 hour to get your shares before tomorrow!
MDWT expected IPO will commence on Thursday, December 17.
https://www.nasdaq.com/market-activity/ipos
MDWT IPO PRICED!!!
1,150,000 shares will be offered on Nasdaq at a price of $74 per share.
BOOM!!!!
https://www.sec.gov/Archives/edgar/data/355379/000110465920133485/tm2034654-7_s1.htm
MDWT on the Nasdaq IPO calendar!
https://www.nasdaq.com/market-activity/ipos
MDWT just filed an preliminary S1 and once the shares are priced and S1 is active, will move the listing to the Nasdaq Capital Market!!!
BOOM!!
https://www.sec.gov/Archives/edgar/data/355379/000110465920121007/tm2034654-1_s1.htm
From the most recent 13D/A filing, it looks like Xenith distributed all of the shares of MDWT to it's members (Salem & Minnich).
Doesn't say why. Hopefully the 10-Q or a NR will supply some answers!
Maybe a Nasdaq move in the making? NYSE?
10-Q should be out within the next two weeks or so.
Sorry, according to FINRA daily list, the ticker will change tomorrow (29th), back to MDWT.
Ticker should change from MDWTD to MDWT either Friday (25th) or Monday (28th).
During the reverse split, ticker is MDWTD.
Thanks!
Just saw that about 20 min ago.
MDWT one for 500 reverse split:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
As of August 17, 2020 Midwest Holding Inc (MDWT) has reincorporated to Delaware.
Business is picking up!
Updated state approval list for MDWT insurance sales (20):
Arizona, Colorado, Washington, D.C., Hawaii, Iowa, Idaho, Illinois, Indiana, Louisana, Michigan, Missouri, Montana, Nebraska, New Mexico, Nevada, Ohio, Oklahoma, South Dakota, Texas, Utah.
Pending state approval for MDWT insurance sales (5):
Arkansas, Deleware, North Carolina, North Dakota, Oregon
https://www.midwestholding.com/wp-content/uploads/2020/08/MWH-Investor-Presentation.pdf
8-K issued RE: reverse split
https://www.sec.gov/Archives/edgar/data/355379/000155837020010687/tmb-20200810x8k.htm
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On Tuesday, July 14, 2020, Midwest Holding Inc. (the “Company”) held its 2020 Annual Meeting of Shareholders (the “Annual Meeting”). Following the receipt of stockholder approval at the Annual Meeting as described in Item 5.07 of the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 14, 2020, the Company filed an Articles of Amendment of Amended and Restated Articles of Incorporation of the Company on August 10, 2020 that, among other things, changed the total number of shares that the Company is authorized to issue is twenty-two million (22,000,000) shares of Common Stock, of which twenty million (20,000,000) shares are designated as voting common stock, par value $0.001 per share (the “Voting Common Stock”) and two million (2,000,000) shares are designated as the nonvoting common stock, par value $0.001 per share (the “Nonvoting Stock”); and two million (2,000,000) shares of preferred stock, par value $0.001 per share (the “Preferred Stock”).
In addition, the number of directors shall be fixed from time to time exclusively by the Board of Directors pursuant to a resolution adopted by a majority of the whole board. The directors shall be divided into three classes, with the term of office of the first class to expire at the next annual meeting of shareholders, the term of office of the second class to expire at the annual meeting of shareholders one year thereafter and the term of office of the third class to expire at the annual meeting of shareholders two years thereafter. At each annual meeting of shareholders following such initial classification and election, directors elected to success those directors whose terms expire shall be elected for a term of office to expire at the third succeeding annual meeting of shareholders after their election.
The foregoing Articles of Amendment to the Amended and Restated Articles of Incorporation were filed with the Secretary of State of the State of Nebraska on August 5, 2020 and were accepted and effective as of August 10, 2020.
The foregoing description of the Articles of Amendment to the Amended and Restated Articles of Incorporation does not purport to be complete and is qualified in its entirety by reference to the full text of the exhibits attached hereto and incorporated by reference herein.
Quarterly report is out!
https://www.sec.gov/Archives/edgar/data/355379/000155837020010685/mdwt-20200630x10q.htm
As of June 30, 2020 -
Investments available for resale: $200,110,287
Investments available for resale, Dec 2019: $117,241,861
___________________________________
Cash & equivalents: $75,041,902
Cash & equivalents, 2019: $43,716,205
____________________________________
Net Income: $5,011,119
Net Income, 2019 (loss): ($2,326,870)
____________________________________
Shareholder Equity: $25,952,718
Shareholder Equity, 2019: $14,034,271
_____________________________________
Quarterly loss : .013 per share.
Thanks StealthTurtle. Good luck to you!
Big C...I sold out all but my computershare account which has about 1138 shares I believe. After this split, I won't have diddly squat. Haven't been nothing but disappointed with this stock since purchased back in 2009. I will continue to watch, and who knows what will happen in the future. Best of luck to you sir!
All American Life products now available in Kansas!
https://www.linkedin.com/company/americanlife/
States that the company can sell/market in:
Montana
North Dakota
Nevada
Utah
Arizona
New Mexico
Colorado
Texas
Oklahoma
Kansas
Nebraska
Iowa
Missouri
Illinois
Indiana
Ohio
Louisiana
Washington, DC
Annual Meeting results!
- Reverse split & change to articles of incorporation has passed
- Will reincorporate in Delaware
- Staggered board elections passed
- All board members re-elected
https://www.sec.gov/Archives/edgar/data/355379/000155837020008200/tmb-20200714x8k.htm
Annual meeting is Tuesday, July 13, 2020 in Lincoln!
Anyone going?
Midwest buys remaining 49% in 1505 Capital. Now owns 100%
https://ih.advfn.com/stock-market/USOTC/midwest-qb-MDWT/stock-news/82681750/current-report-filing-8-k
New states where American Life insurance products can be sold!
-Louisiana
-Ohio
-Montana
-Washington, DC
https://www.linkedin.com/company/americanlife/
Q & A from two months ago with CEOs of American Life, Midwest Holdings Insurance subsidiary.
https://www.blueprintincome.com/resources/inside-blueprint-income/qa-with-american-life-ceos/
Company annual meeting announced!
July 14, 2020 in Lincoln.
Read the proxy materials to learn more about what is being voted on.
https://www.sec.gov/Archives/edgar/data/355379/000155837020006854/tmb-20200519xprer14a.htm
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American Life & Security Corp.
2900 South 70th Street, Suite 400
Lincoln, NE 68506
Phone: 402-489-8266
Fax: 402-489-8295
Manage your money into retirement with a secure, low-risk fixed deferred annuity. American Classic provides predictable returns through a fixed, competitively high interest rate and offers innovative features like a Loyalty Bonus that rewards you for helping keep our costs low.
American Select
Grow & protect your savings with a fixed indexed annuity. American Select offers flexible participation in any of three reputable indices or a fixed rate, you can customize your allocation over time to meet your needs. When markets grow, you gain, but should markets decline, your principal remains protected.
Stock Information:
As of March 15, 2021, there are 3,737,564 shares of Voting Common Stock, par value $0.001 per share, issued and outstanding.
As of August 28, 2020, there are 22,000,000 shares authorized, of which 20,000,000 shares are designated as voting common stock and 2,000,000 shares are designated as non-voting common stock. Also available are 2,000,000 shares of preferred stock (zero issued/outstanding).
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