TAMPA,
Fla., Dec. 14, 2023 /PRNewswire/ -- Heritage
Insurance Holdings, Inc., (NYSE: HRTG) ("Heritage" or the
"Company"), a super-regional property and casualty insurance
holding company, today announced that it is commencing an
underwritten public offering of its shares of common stock (the
"Offering"). Heritage also expects to grant to the underwriters for
the Offering, a 30-day option to purchase up to an additional 15%
of the number of shares of common stock offered in the Offering.
All of the shares to be sold in the Offering will be sold by
Heritage, subject to customary closing conditions. Heritage intends
to use the net proceeds from the Offering for general corporate and
operations purposes and to provide capital for anticipated growth
and expansion efforts.
Ernie Garateix, a director of our
company and our Chief Executive Officer, Paul L. Whiting, a director of our company
and Raymond T. Hyer, a current
holder of approximately 13.5% of our outstanding common stock, have
advised us that they intend to purchase directly from us, in a
concurrent private placement, up to an aggregate of $1.5 million of shares of our common stock at the
public offering price.
JonesTrading Institutional Services LLC ("JonesTrading") is
acting as the sole book-running manager for the Offering.
Stonybrook Capital, LLC and its affiliates (registered
representatives of Weild & Co, member FINRA and SIPC) are
acting as Financial Advisor.
The Offering is being made by the Company pursuant to its shelf
registration statement on Form S-3 (File No.
333-254091) previously filed with the Securities and Exchange
Commission (the "SEC") and declared effective by the SEC
on April 22, 2021, and only by means of a prospectus and
prospectus supplement. A preliminary prospectus supplement and
accompanying prospectus relating to and describing the terms of the
Offering will be filed with the SEC. When available, copies of the
preliminary prospectus supplement and accompanying prospectus
relating to the Offering will be available on the SEC's web site
at www.sec.gov. Alternatively, copies of the preliminary
prospectus supplement and accompanying prospectus relating to the
Offering may be obtained, when available, by sending a request
to: JonesTrading, Attention: Equity Capital Markets, 211 E.
43rd Street, New York, New
York 10017; email: ecm@jonestrading.com. The final
terms of the Offering will be disclosed in a final prospectus
supplement to be filed with the SEC. Before investing in this
Offering, interested parties should read in their entirety the
preliminary prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such preliminary prospectus
supplement and the accompanying prospectus, which provide more
information about the Company and such Offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities 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 Heritage
Heritage (NYSE: HRTG) is a super-regional property and casualty
insurance holding company. Through its insurance subsidiaries and a
large network of experienced agents, the Company writes
approximately $1.35 billion of gross personal and
commercial residential premium across its multi-state
footprint.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements other than statements of
historical or current fact included in this press release are
forward-looking statements, including (i) the anticipated terms of
the Offering, (ii) the conduct of the Offering, (iii) the intended
use of proceeds from the Offering and (iv) the completion, timing
and size of the Offering. These forward-looking statements are
subject to a number of risks and uncertainties, many of which
involve factors or circumstances that are beyond Heritage's
control, including, without limitation, market conditions, the
trading price and volatility of our common stock, and the
satisfaction of customary closing conditions related to the
Offering. Actual results could differ materially from those stated
or implied in these forward-looking statements due to a number of
factors, including but not limited to, risks detailed in the
sections entitled "Risk Factors" included in Heritage's most recent
Annual Report on Form 10-K filed with the SEC, as well as in the
shelf registration statement on Form S-3 related to the shares of
common stock, filed with the SEC. The forward-looking statements
included in this press release should not be unduly relied upon and
represent Heritage's views only as of the date of this press
release and do not represent Heritage's views as of any subsequent
date. Heritage undertakes no intention or obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, changes in Heritage's expectations or
otherwise, except as required by law.
Potential investors, stockholders and other readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they were
made. Heritage does not assume any obligation to publicly update
any forward-looking statement after it was made, whether as a
result of new information, future events or otherwise, except as
required by law or regulation. Investors are referred to the full
discussion of risks and uncertainties associated with
forward-looking statements and the discussion of risk factors
contained in the Company's filings with the SEC, which are
available at www.sec.gov.
Company Contact:
Kirk Lusk
Chief Financial Officer
klusk@heritagepci.com
investors@heritagepci.com
Zack Mukewa and Mike Houston
Investor Relations
Lambert
HRTG@lambert.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/heritage-announces-launch-of-primary-offering-of-shares-of-common-stock-302016123.html
SOURCE Heritage Insurance Holdings, Inc.