United greenshoe fully exercised in $31.16 million public stock sale

Sole bookrunner Raymond James & Associates assisted with offering

By Devika Patel

Knoxville, Tenn., Jan. 4 - United Insurance Holdings Corp. said the underwriters fully exercised the $3.86 million greenshoe in the company's public offering of stock for total proceeds of $31.16 million.

The company sold 6,050,075 common shares at $5.15 apiece. The per-share purchase price is a 2.83% discount to the closing share price of $5.30 on Jan. 3. Of the shares, 750,000 were part of the fully exercised greenshoe.

Raymond James & Associates, Inc. was the sole bookrunner.

Settlement for the additional shares is expected Jan. 8.

Proceeds will be used for general corporate purposes.

The property and casualty insurance holding company is based in St. Petersburg, Fla.

Issuer:	United Insurance Holdings Corp.
Issue:	Common stock
Amount:	$31,157,886 (including $3,862,500 greenshoe)
Shares:	6,050,075
Price:	$5.15
Warrants:	No
Bookrunner:	Raymond James & Associates, Inc.
Co-manager:	Sterne, Agee & Leach, Inc.
Pricing date:	Dec. 11
Settlement dates:	Dec. 14 (for $27,295,386), Jan. 8 (for $3,862,500)
Stock symbol:	OTCBB: UIHC
Stock price:	$5.30 at close Dec. 10
Market capitalization:	$62.95 million

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