TAMPA,
Fla., Dec. 15, 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 has priced its previously
announced underwritten public offering of 3,703,703 shares of
common stock at a public offering price of $6.75 per share (the "Offering"). All shares are
being sold by Heritage. The gross proceeds to Heritage from the
Offering, before deducting underwriting discounts, commissions and
other offering expenses, are expected to be approximately
$25 million. The Offering is expected
to close on or about December 19,
2023, subject to the satisfaction of customary closing
conditions. In addition, the underwriter has a 30-day option to
purchase up to an additional 555,555 shares of common stock at the
public offering price less underwriting discounts and commissions.
Ernie Garateix, a director of the
Company and the Company's Chief Executive Officer, Paul L. Whiting, a director of the Company and
Raymond T. Hyer, a current holder of
approximately 13.5% of the Company's outstanding common stock, have
agreed to purchase directly from the Company, in a concurrent
private placement, an aggregate of 222,222 shares of 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 final prospectus supplement and
accompanying prospectus relating to the Offering will be filed with
the SEC and will be available on the SEC's web site
at www.sec.gov. Alternatively, copies of the final 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.
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 the completion 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
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SOURCE Heritage Insurance Holdings, Inc.