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) -- hci group, inc. (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.
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