Hippo 1-for-25 Reverse Stock Split to Become Effective at 11:59 p.m. EDT September 29, 2022
September 29 2022 - 2:02PM
Business Wire
Hippo Holdings Inc. (NYSE: HIPO), the home insurance group
focused on proactive home protection, today announced that it has
filed a Certificate of Amendment to its Certificate of
Incorporation with the Secretary of State of the State of Delaware
to effect the previously announced 1-for-25 reverse stock split of
the company’s common stock and a corresponding adjustment to its
authorized capital stock. The reverse stock split and corresponding
capital stock adjustment will become effective at 11:59 p.m.
Eastern Daylight Time on September 29, 2022. The company’s common
stock will begin trading on a split-adjusted basis when the markets
open on Friday, September 30, 2022, under the existing trading
symbol “HIPO” and new CUSIP number: 433539 202.
As a result of the reverse stock split, every 25 shares of the
Company's issued and outstanding common stock will automatically be
converted into one share of issued and outstanding common stock. No
fractional shares will be issued as a result of the reverse stock
split. Instead, stockholders who otherwise would be entitled to
receive fractional shares of common stock will be entitled to
receive cash. The reverse stock split affects all stockholders
uniformly and will not alter any stockholder's percentage interest
in the Company's outstanding common stock, except for adjustments
that may result from the treatment of fractional shares.
All outstanding warrants to purchase the Company’s common stock
will be adjusted as a result of the reverse stock split in
accordance with the terms of the warrants. In particular, every 25
shares of Hippo common stock that may be purchased pursuant to such
warrants will represent one share of Hippo common stock that may be
purchased pursuant to such warrants, and the exercise price per
share will be $287.50, which equals the product of 25 multiplied by
$11.50, the exercise price per share prior to the reverse stock
split.
About Hippo
Hippo is protecting the joy of homeownership, helping to
safeguard customers’ most important financial asset by harnessing
the power of real-time data, smart home technology, and a growing
suite of home services to deliver proactive home protection.
Hippo Holdings Inc.’s (NYSE: HIPO) operating subsidiaries
include Hippo Insurance Services, Hippo Home Care, First Connect
Insurance Services, Spinnaker Insurance Company, Spinnaker
Specialty Insurance Company, and Mainsail Insurance Company. Hippo
Insurance Services is a licensed property casualty insurance agent
with products underwritten by various affiliated and unaffiliated
insurance companies. For more information, including licensing
details, visit http://www.hippo.com.
Forward-looking statement safe harbor
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
the company’s reverse stock split and the expected timing of events
related thereto. These statements are based on the current
expectations of Hippo’s management and are not predictions of
actual performance. Actual events and circumstances are subject to
risks and uncertainties, are difficult or impossible to predict and
will differ from assumptions, and many actual events and
circumstances are beyond the control of Hippo. If any of these
risks materialize or our assumptions prove incorrect, actual events
and timing could differ materially from the events and timing
implied by these forward-looking statements. There may be
additional risks and uncertainties that Hippo does not presently
know, or that Hippo currently believes are immaterial, that could
also cause actual events and timing to differ from those contained
in the forward-looking statements. In addition, forward-looking
statements reflect Hippo’s expectations, plans, or forecasts of
future events and views as of the date of this press release. Hippo
anticipates that subsequent events and developments will cause
Hippo’s assessments to change. However, while Hippo may elect to
update these forward-looking statements at some point in the
future, Hippo specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Hippo’s assessments of any date or time subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220928006099/en/
Investors: Cliff Gallant, VP of Investor Relations
investors@hippo.com
Press: Mark Olson press@hippo.com
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