Westaim Announces Pricing of Skyward Specialty’s Secondary Offering

The Westaim Corporation (“Westaim” or the “Company”) (TSXV: WED) today announces the pricing of the Skyward Specialty Insurance Group, Inc. (NASDAQ: SKWD) (“Skyward Specialty”) secondary public offering (the “Offering”). Under the Offering, Westaim, through its wholly-owned subsidiary, Westaim HIIG GP Inc. (the “Selling Stockholder”), intends to sell 4,400,000 shares of the common stock of Skyward Specialty (the “Shares”), at a price of US$36.50 per Share (the “Offering Price”). The Selling Stockholder has also granted the underwriters a 30-day option to purchase up to an additional 660,000 Shares at the Offering Price (the “Option”).

Skyward Specialty will not receive any of the proceeds from the sale of the Shares under the Offering, and the Selling Stockholder will bear the underwriting discounts and commissions associated with the sale of such Shares and receive all the net proceeds.

Barclays, Keefe, Bruyette & Woods, Inc., a Stifel Company, and Jefferies, are acting as joint lead book-running managers for the Offering. Citizens JMP, Piper Sandler & Co., Raymond James & Associates, Inc., Truist Securities, Inc., William Blair, TD Securities and Wolfe | Nomura Alliance are acting as joint book-running managers for the Offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Shares in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Westaim

Westaim is a Canadian investment company specializing in providing long-term capital to businesses operating primarily within the global financial services industry. The Company invests, directly and indirectly, through acquisitions, joint ventures and other arrangements, with the objective of providing its shareholders with capital appreciation and real wealth preservation. Westaim’s strategy is to pursue investment opportunities with a focus towards the financial services industry and grow shareholder value over the long term. Westaim’s investments include significant interests in Skyward Specialty, Arena and the Arena FINCOs. Skyward Specialty, Arena and Arena FINCOs are defined in the notes to Westaim’s audited consolidated financial statements for the year ended December 31, 2023 and the related MD&A. The common shares of Westaim are listed on the TSX Venture Exchange (the “TSXV”) under the trading symbol “WED”.