Exhibit 99.1
Heritage Announces Launch of Primary Offering of Shares of Common Stock
TAMPA, Florida, December 14, 2023 – Heritage Insurance Holdings, Inc., (NYSE: HRTG) (“Heritage” or the “Company”), a super-regional property and casualty insurance holding company, today announced that it is commencing an underwritten public offering of its shares of common stock (the “Offering”). Heritage also expects to grant to the underwriters for the Offering, a 30-day option to purchase up to an additional 15% of the number of shares of common stock offered in the Offering. All of the shares to be sold in the Offering will be sold by Heritage, subject to customary closing conditions. Heritage intends to use the net proceeds from the Offering for general corporate and operations purposes and to provide capital for anticipated growth and expansion efforts.
Ernie Garateix, a director of our Company and our Chief Executive Officer, Paul L. Whiting, a director of our Company and Raymond T. Hyer, a current holder of approximately 13.5% of our outstanding common stock, have advised us that they intend to purchase directly from us, in a concurrent private placement, up to an aggregate of $1.5 million of shares of our common stock at the public offering price.
JonesTrading Institutional Services LLC (“JonesTrading”) is acting as the sole book-running manager for the Offering. Stonybrook Capital, LLC and its affiliates (registered representatives of Weild & Co, member FINRA and SIPC) are acting as Financial Advisor.
The Offering is being made by the Company pursuant to its shelf registration statement on Form S-3 (File No. 333-254091) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on April 22, 2021, and only by means of a prospectus and prospectus supplement. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the Offering will be filed with the SEC. When available, copies of the preliminary prospectus supplement and accompanying prospectus relating to the Offering will be available on the SEC’s web site at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement and accompanying prospectus relating to the Offering may be obtained, when available, by sending a request to: JonesTrading, Attention: Equity Capital Markets, 211 E. 43rd Street, New York, New York 10017; email: ecm@jonestrading.com. The final terms of the Offering will be disclosed in a final prospectus supplement to be filed with the SEC. Before investing in this Offering, interested parties should read in their entirety the preliminary prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such preliminary prospectus supplement and the accompanying prospectus, which provide more information about the Company and such Offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, 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 registration or qualification under the securities laws of any such state or jurisdiction.
About Heritage
Heritage (NYSE: HRTG) 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 $1.35 billion of gross personal and commercial residential premium across its multi-state footprint.
