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HCI Group to cancel conversion rights of series A preferred stock
By Susanna Moon
Chicago, Feb. 4 - HCI Group, Inc.'s board of directors decided to cancel the conversion rights of the company's 7% series A preferred stock, effective April 1, according to an 8-K filing with the Securities and Exchange Commission.
The conversion rights can be canceled beginning March 31 if the company's common stock price exceeds $12 for at least 20 trading days within any period of 30 consecutive trading days and the common stock is then traded on the New York Stock Exchange or other exchange. These conditions have been met.
Tampa, Fla.-based HCI is a property and casualty insurer.
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