Hippo 1-for-25 Reverse Stock Split to Become Effective at 11 59 p.m. EDT September 29, 2022
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.
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.