KINGSWAY Corp
10.30%
3,015,421
1072627
May 17, 2026
May 20, 2026, 06:04 AM
Reporting Persons (4)
| Name | Type | % of Class | Aggregate | Sole Voting | Shared Voting |
|---|---|---|---|---|---|
| Adam J. Patinkin | Individual | 10.30% | 3,015,421 | 0 | 2,547,000 |
| David Capital Partners, LLC | Investment Adviser | 9.00% | 2,615,421 | 0 | 2,547,000 |
| David Capital Partners Special Situation Fund, LP | Partnership | 5.50% | 1,592,421 | 0 | 1,524,000 |
| David Capital Partners Fund, LP | Partnership | 3.50% | 1,023,000 | 0 | 1,023,000 |
Disclosure Items (4)
Common Stock, par value $0.01 per share
KINGSWAY Corp
10 S. Riverside Plaza, Chicago, IL, 60606
Each of DCP Fund and DCP Special directly holds the number and percentage of shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Mr. Patinkin directly holds a 10-year option to purchase up to 400,000 shares of Common Stock, which will vest in four equal annual installments beginning on May 18, 2026. The first and second installments have an exercise price of $20.00 per share, while the third and fourth installments have an exercise price of $30.00 per share. The Reporting Persons' holdings include 68,421.08 shares of Common Stock that may be acquired upon the conversion of Preferred Stock held by DCP Special. The Preferred Stock is convertible into shares of Common Stock at an initial conversion price of $9.50 per share (or 2.63158 shares of Common Stock for each share of Preferred Stock), subject to customary adjustments, at the option of the holder. David Capital Partners, LLC, as the investment manager and general partner of each of DCP Fund and DCP Special, may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by such entities. Due to his position with David Capital Partners, LLC, Mr. Patinkin may be deemed to be a beneficial owner of the shares of Common Stock disclosed as directly owned by DCP Fund and DCP Special. David Capital Partners, LLC and Mr. Patinkin expressly disclaim such beneficial ownership except to the extent of their pecuniary interest therein. In addition, certain employees of David Capital Partners, LLC who provide consulting services to the Company hold 10-year options to purchase up to 200,000 shares of Common Stock in the aggregate, which have an exercise price of $25.00 per share and vested upon grant. Each percentage ownership of Common Stock set forth in this Statement is based on 28,946,664 shares of Common Stock reported by the Company as outstanding on May 7, 2026 in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the Securities and Exchange Commission on May 7, 2026.
Each of DCP Fund and DCP Special beneficially owns, and has the shared power to direct the voting and disposition of, the shares of Common Stock disclosed as beneficially owned by it in the applicable table set forth on the cover page to this Statement. Mr. Patinkin beneficially owns, and has sole dispositive power over, 400,000 shares of Common Stock. David Capital Partners, LLC, as the investment manager and general partner of each of DCP Fund and DCP Special, has the shared power to direct the voting and disposition of the shares of Common Stock held by such entities. Due to his position with David Capital Partners, LLC, Mr. Patinkin may be deemed to have the shared power to direct the voting and disposition of the shares of Common Stock held by DCP Fund and DCP Special.
The information set forth in Item 4 is incorporated herein by reference.
The information set forth in Item 4 is incorporated herein by reference. Pursuant to Rule 13d-1(k) promulgated under the Securities Exchange Act of 1934, as amended, the Reporting Persons have entered into an agreement with respect to the joint filing of this Statement, which agreement is set forth on the signature page to this Statement.