HCI sells equity, raises $12M

CLEARWATER — Homeowners Choice Inc. (symbol: HCII) raised $12.5 million in capital, before fees, by selling 1,247,700 shares of preferred stock, according to a release.

The company's intended use for the proceeds was not disclosed.

The issuance represents a significant increase to the number of shares of HCI stock available in the market. Currently, roughly 6.85 million shares of HCI's common stock are available for trading, according to Google Finance.