HCI Group Inc | 7.0% Series A Cumulative Redeemable Preferred Stock (HCIIP)
This preferred is marked as having been called.
Prospectus excerpt: Homeowners Choice, Inc. is offering for sale up to 1,500,000 shares of our 7.0% Series A Cumulative Redeemable Preferred Stock, which we refer to in this prospectus as the ŮSeries A Preferred. Dividends on the Series A Preferred will be cumulative from the date of original issue and will accrue on the last day of each month, at an annual rate of 7.0% of the $10.00 liquidation preference per share. Accrued but unpaid dividends will accumulate and earn additional dividends at 7.0%, compounded monthly. Each share of the Series A Preferred will be convertible, at the holder?s option at any time, initially into one share of our common stock based upon an initial conversion price of $10.00 per share; provided, however, that we may terminate this conversion right on or after March 31, 2014, if, for at least twenty trading days within any period of thirty consecutive trading days, the market price of our common stock exceeds the conversion price of the Series A Preferred by more than 20% and our common stock is then traded on the New York Stock Exchange, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market, or the NYSE Amex. Shares of the Series A Preferred will be redeemable by us on or after March 31, 2014 and will have no voting rights except under limited circumstances.
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