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FedNat Holding files registration statement on behalf of 1347 Property Insurance

FedNat Holding Co. filed a registration statement for the sale of up to 1,773,102 common shares by 1347 Property Insurance Holdings Inc.

The company will not receive any proceeds from the sale of the shares by the selling stockholder. The shares represent the stock portion of the consideration paid by FedNat to 1347 in the $51 million acquisition of the latter's homeowners insurance operations, completed in early December.

The shares are subject to a five-year standstill agreement, under which 1347 is limited to selling no more than 2.5% of FedNat's total outstanding shares in any one transaction or series of transactions, or no more than 25% of the shares issued to it in any three-month period. FedNat noted that 1347's stake represents beneficial ownership of about 11.8% of its common shares outstanding.

FedNat shares closed at $16.46 on Dec. 23, implying a value for 1347's stake of $29.2 million.