FedNat Holding: Down on discounted stock offering

Fednat Holding Co

12/03/2021 12:24

** Shares of insurance holding co  FNHC.O  down 10.5% at
$5.08 premarket 
    ** Co prices underwritten public offering of 3.5 mln shares
of its common stock at $4.75 per share for gross proceeds of
$16.625 mln  urn:newsml:reuters.com:*:nGNX88643f
    ** Offer price represents a 16.37% discount to stock's last
close
    ** The net proceeds from the sale of shares the will be
about $15.2 mln
    ** Also grants the underwriter a 30-day option to purchase
up to 525,000 additional shares of common stock
    ** The offering is expected to close on March 15
    ** Piper Sandler & Co. is serving as sole bookrunner for the
offering
    ** Up to last close, stock down ~4% this year

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))