Summary
This 8-K filing by The Hartford Financial Services Group, Inc. (HIG) on September 27, 2010, announces the closure of a secondary public offering of 52,093,973 warrants by the U.S. Department of the Treasury. These warrants represent the right to purchase shares of HIG's common stock at an exercise price of $9.79 per share. The offering price was determined through an auction process, clearing at $13.70 per warrant. Notably, The Hartford Financial Services Group did not receive any proceeds from this warrant offering, as it was a sale of securities held by the Treasury. The company and certain of its officers and directors have agreed to 45-day lock-up agreements related to this offering.
Key Highlights
- 1Closure of a secondary public offering of 52,093,973 warrants by the U.S. Department of the Treasury.
- 2Each warrant grants the right to purchase one share of The Hartford's common stock at an exercise price of $9.79.
- 3The offering price was set at $13.70 per warrant, determined by an auction process.
- 4The Hartford Financial Services Group received no proceeds from this Treasury-led warrant offering.
- 5The offering was conducted under a shelf registration statement on Form S-3.
- 6The company and certain insiders have entered into 45-day lock-up agreements.