ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today announced that it has filed a universal shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (the SEC). The registration statement is intended to provide the Company flexibility to access the public capital markets in order to respond to business opportunities. Although the registration statement relating to these securities has been filed with the SEC, it has not yet become effective.
UPC Insurance currently has no specific plans to issue securities under the registration statement. If and when the registration statement is declared effective by the SEC, the registration statement will allow UPC Insurance the flexibility to offer and sell from time to time up to $75 million of securities such as senior, subordinated or convertible debt securities, warrants, units, common and preferred stock, or any combination thereof.
Following the effectiveness of the shelf registration statement, UPC Insurance may periodically offer one or more of the registered securities in amounts, at prices, and on terms to be announced when, and if, the securities are offered. The terms of any securities offered under the registration statement, and the intended use of the net proceeds resulting therefrom, will be established at the times of the offerings and will be described in prospectus supplements filed with the SEC at the times of the offerings.
These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.
Forward Looking Statements
Certain of the statements made in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 These forward-looking statements include, among others, statements relating to UPC Insurance’s expectations regarding the completion of the proposed public offering and participation of selling stockholders in the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to whether or not United will be able to raise capital through the sale of shares of common stock, the final terms of the proposed offering, market and other conditions, the satisfaction of customary closing conditions related to the proposed public offering and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that United will be able to complete the proposed public offering or that selling stockholders will participate in the offering, on the anticipated terms, or at all. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to the proposed offering, United, and its business can be found under the heading "Risk Factors" in UPC Insurance’s' Annual Report on Form 10-K for the year ended December 31, 2012, the prospectus relating to the offering, and other documents filed with the SEC. UPC Insurance does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential property and casualty insurance policies through a group of wholly owned insurance subsidiaries. United Property & Casualty Insurance Company, the primary operating subsidiary of UPC Insurance, writes and services property and casualty insurance using a network of independent agents in Florida, Massachusetts, Rhode Island, North Carolina New Jersey, and South Carolina, and was recently licensed to write in New Hampshire and Texas. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims.
- Investment & Company Information
- registration statement