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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.
Based in Clearwater, Homeowners Choice provides insurance to roughly 65,000 policyholders in Florida. The company earned $68.6 million in 2010 revenues.
The per-share price of the company's common stock closed at $8.18 on Thursday, up 1.24% on the year.
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