Universal Insurance Holdings Announces Pricing of 1.5M Share Public Offering by Selling Stockholder at $3.30
Universal Insurance Holdings, Inc. (NYSE: UVE) today announced the pricing of the previously-announced resale by its President and Chief Executive Officer, Bradley I. Meier of 1,500,000 shares of the Company's common stock previously registered for resale with the U.S. Securities and Exchange Commission (SEC) at a price to the public of $3.30 per share. The offering is expected to close and settle on June 27, 2012, subject to market and other customary conditions.
Upon completion of the offering, Mr. Meier will beneficially own 11,338,971 shares of common stock or approximately 28.2 percent of the Company's outstanding common stock at June 21, 2012. The Company will not receive any proceeds from the sale of the shares, which Mr. Meier acquired in connection with his employment with the Company.
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