HCI Group files new Form S-3 to replace expired registration
HCI Group , the parent company of subsidiaries engaged in home insurance, IT services, property, and re-insurance, 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. According to the filings, HCI may sell up to $150 million in shares or other investments in the future.
Once the SEC gives them the green light, HCI will have the freedom to decide if, when, and what kind of shares or investments they might want to sell to the public. Whenever they decide to do this, they’ll give all the details to anyone interested in buying.
However, HCI currently has no plans to sell anything. They’re just getting this permission in place to keep their options open. Chairman and CEO Paresh Patel mentioned it’s a good practice for the company to have this flexibility for the future. “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.”
HCI is the parent company of flood insurer TypTap that earlier in the year has shelved its planned IPO – filed in August 2021.