Heritage Announces Closing of Primary Public Offering of Shares of Common Stock and Concurrent Private Placement
Summary
Additionally, Heritage announced the completion of the purchase by Ernie Garateix, a director of our company and our Chief Executive Officer, and Paul L. Whiting, a director of our company, of 27,247 and 40,871, respectively, shares of our common stock at $7.34, the closing price of our common stock on December 14, 2023 (the "Director Private Placements" and together with the Hyer Private Placement, the "Private Placement").The gross proceeds to Heritage from the Public Offering and Private Placement, before deducting underwriting discounts, commissions and other offering expenses, are approximately $26.5 million.As previously disclosed, Heritage intends to use the net proceeds from the Public Offering and the Private Placement for general corporate and operations purposes and to provide capital for anticipated growth and expansion efforts.JonesTrading Institutional Services LLC ("JonesTrading") acted as the sole book-running manager for the Public Offering. Stonybrook Capital, LLC and its affiliates (registered representatives of Weild & Co, member FINRA and SIPC) acted as Financial Advisor.The Public Offering was made pursuant to a shelf registration statement on Form S-3 filed with the Securities Exchange Commission (the "SEC"), and declared effective by the SEC on April 22, 2021, and only by means of a prospectus and prospectus supplement. Alternatively, copies of the prospectus supplement and accompanying prospectus relating to the Public Offering may be obtained by sending a request to: JonesTrading, Attention: Equity Capital Markets, 325 Hudson Street, 6th Floor, New York, NY 10013; email: [email protected].The sale of shares of common stock in the Private Placement was made in reliance on an exemption from the registration requirements under Section 4(a)(2) of the Securities Act of 1933, as amended.Heritage Insurance Holdings, Inc. 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 $1.3 billion of gross personal and commercial residential premium across its multi-state footprint.Forward-Looking and Cautionary Statements:This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. 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" and elsewhere in Heritages most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as in the Registration Statement on Form S-3 related to the shares filed with the SEC.