HCI Group Inc (HCI) has released an update.
The Company has announced strategic measures to enhance its capital and operational flexibility and to position itself for future growth. These measures include modifying its relationship with Centerbridge Partners L.P. by extending a stock purchase warrant and redeeming all outstanding preferred shares of TypTap Insurance Group held by Centerbridge. The warrant’s expiration is extended for a portion of the shares and the preferred stock redemption is funded through cash and credit facilities. Additionally, the Company has filed a new shelf registration to enable the offering of various securities and established an “at-the-market” facility with the potential to raise up to $75 million, although there are no immediate plans to issue shares.
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