HCI Group Announces Closing of Public Offering Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares
TAMPA, Fla., Dec. 11, 2023 (GLOBE NEWSWIRE) -- (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today the closing of its underwritten public offering of 1,150,000 shares of its common stock at a public offering price of $78 per share, before underwriting discounts and commissions. This includes the exercise in full by the underwriters of their option to purchase up to an additional 150,000 shares of common stock in the offering, resulting in additional net proceeds to the company of approximately $11.1 million, after deducting underwriting discounts and commissions and estimated offering expenses. Total net proceeds to the company were approximately $85 million, after deducting underwriting discounts and commissions and estimated offering expenses. HCI Group intends to use the net proceeds from the offering, including the proceeds received in connection with the exercise of the underwriters’ option, for general corporate purposes, including the continued assumption of policies from Citizens Property Insurance Corporation.
JMP Securities, a Citizens Company, acted as lead book-running manager for the offering, and Truist Securities acted as joint book-running manager. Oppenheimer & Co. acted as book-running manager.
The shares were offered by HCI Group pursuant to a shelf registration statement that was filed with the Securities and Exchange Commission on September 8, 2023 and declared effective by the SEC on September 28, 2023. The offering was made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC on December 7, 2023 and may be obtained for free by visiting the SEC’s website at Copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting: Citizens JMP Securities, LLC, Attn: Syndicate Department, 600 Montgomery Street, Suite 1100, San Francisco, CA 94111, by telephone at 415-835-8985, or by email at .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.
The company's common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website: .
Forward-Looking Statements
This press release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements concerning the anticipated use of proceeds from the offering. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “confident,” “prospects,” “project,” “continuing,” “ongoing,” “believe,” “intend,” “may,” “will,” “should,” “could,” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including the risk that future cash flows and business exigencies may alter the company’s use of the proceeds from this offering, the factors discussed in the “Risk Factors” section of the final prospectus supplement filed with the SEC on December 7, 2023, HCI Group’s Annual Report on Form 10-K filed with the SEC on March 10, 2023, and the risks described in other filings that HCI Group may make with the SEC. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group disclaims all obligations to update any forward-looking statements.
Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
