HCI Group, Inc. (NYSE:HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced that it has filed a universal shelf registration statement on Form S-3 with the United States Securities and Exchange Commission, replacing a previous universal shelf registration statement on Form S-3 that expired in June 2023.
Once declared effective by the SEC, the new shelf registration statement will provide HCI the flexibility to publicly offer and sell from time-to-time debt securities, common stock, preferred stock, warrants and other securities in amounts, at prices and on terms announced if and when the securities are ever offered. The specifics of any potential future offerings, along with the use of proceeds of any such securities offered by the company, will be described in detail in a prospectus supplement at the time of any such offering.
HCI has no immediate plans to offer or sell any securities under the shelf registration statement to the public. However, the company believes it was prudent to file the shelf registration statement as a matter of standard corporate governance.
“We believe it is good corporate practice to replace our previous shelf registration, and it allows HCI to maintain flexibility in the future with respect to our capital management,” said Paresh Patel, HCI’s chairman and chief executive officer.
The shelf registration statement relating to these securities has been filed with the SEC but has not yet become effective. The securities referred to in this press release may not be sold nor may offers to buy be accepted prior to the time the registration statement is declared effective by the SEC. 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 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.
