Citizens, Inc. Announces Filing of Form S-3 to Replace Expiring Shelf Registration Statement
Citizens Inc (NYSE: CIA) announced the filing of a new shelf registration statement on Form S-3 with the SEC to replace its expiring registration on November 30, 2024. The new filing reduces the number of shares available under the company's Stock Investment Plan (SIP) from 15 million to 5 million shares. The SIP, in place since 2001, allows investors to purchase shares either directly from the company or through the open market. The company clarified that while it currently doesn't use the SIP for capital raising, the renewal maintains future flexibility in capital management as part of its strategic growth plan.
Citizens Inc (NYSE: CIA) ha annunciato la registrazione di un nuovo modulo di shelf registration in formato S-3 presso la SEC, per sostituire la registrazione in scadenza il 30 novembre 2024. Il nuovo deposito riduce il numero di azioni disponibili nel Piano di Investimento Azionario (SIP) dell'azienda, passando da 15 milioni a 5 milioni di azioni. Il SIP, attivo dal 2001, consente agli investitori di acquistare azioni direttamente dalla società o sul mercato aperto. L'azienda ha chiarito che, sebbene attualmente non utilizzi il SIP per raccogliere capitali, il rinnovo mantiene una flessibilità futura nella gestione del capitale come parte del suo piano strategico di crescita.
Citizens Inc (NYSE: CIA) anunció la presentación de una nueva declaración de registro en forma S-3 ante la SEC para reemplazar su registro que expira el 30 de noviembre de 2024. El nuevo registro reduce el número de acciones disponibles bajo el Plan de Inversión en Acciones (SIP) de la compañía de 15 millones a 5 millones de acciones. El SIP, que está en vigor desde 2001, permite a los inversores comprar acciones directamente de la empresa o a través del mercado abierto. La compañía aclaró que, aunque actualmente no utiliza el SIP para la recaudación de capital, la renovación mantiene la flexibilidad futura en la gestión del capital como parte de su plan estratégico de crecimiento.
Citizens Inc (NYSE: CIA)는 SEC에 새로운 S-3 형식의 shelf registration 문서를 제출했다고 발표했습니다. 이는 2024년 11월 30일 만료되는 기존 등록을 대체하는 것입니다. 이번 새 제출로 회사의 주식투자계획(SIP)에서 제공되는 주식 수가 1500만 주에서 500만 주로 줄어듭니다. 2001년부터 운영되고 있는 SIP는 투자자들이 회사로부터 직접 또는 공개 시장을 통해 주식을 구매할 수 있도록 합니다. 회사는 현재 SIP를 자본 조달에 사용하지 않지만, 갱신이 자본 관리의 향후 유연성을 유지하며 전략적 성장 계획의 일환으로 여겨진다고 설명했습니다.
Citizens Inc (NYSE: CIA) a annoncé le dépôt d'une nouvelle déclaration de registration en format S-3 auprès de la SEC pour remplacer son enregistrement expirant le 30 novembre 2024. Le nouveau dépôt réduit le nombre d'actions disponibles dans le Plan d'Investissement en Actions (SIP) de l'entreprise de 15 millions à 5 millions d'actions. Le SIP, en place depuis 2001, permet aux investisseurs d'acheter des actions soit directement auprès de l'entreprise, soit sur le marché libre. L'entreprise a précisé que, bien qu'elle n'utilise actuellement pas le SIP pour lever des fonds, le renouvellement maintient la flexibilité future dans la gestion des capitaux dans le cadre de son plan stratégique de croissance.
Citizens Inc (NYSE: CIA) gab die Einreichung eines neuen shelf registration Formulars S-3 bei der SEC bekannt, um die am 30. November 2024 auslaufende Registrierung zu ersetzen. Die neue Einreichung reduziert die Anzahl der im Aktieninvestmentplan (SIP) des Unternehmens verfügbaren Aktien von 15 Millionen auf 5 Millionen Aktien. Der SIP, der seit 2001 besteht, ermöglicht es Anlegern, Aktien entweder direkt vom Unternehmen oder über den offenen Markt zu erwerben. Das Unternehmen stellte klar, dass es den SIP derzeit nicht zur Kapitalbeschaffung nutzt, aber die Erneuerung die zukünftige Flexibilität in der Kapitalverwaltung als Teil seines strategischen Wachstumsplans aufrechterhält.
- Reduction in potential dilution risk by decreasing available shares from 15M to 5M under the SIP
- None.
Insights
This filing is a routine administrative action to maintain the company's Stock Investment Plan (SIP) infrastructure. The key change is the reduction in potential share issuance from 15 million to 5 million shares, suggesting a more conservative approach to potential future dilution. While the SIP isn't currently used for capital raising, it maintains Citizens' financial flexibility.
The decreased share authorization could be viewed positively as it limits potential dilution risk for existing shareholders. However, given Citizens' market cap of
Austin, Texas--(Newsfile Corp. - November 27, 2024) - Citizens, Inc. (NYSE: CIA), a leading diversified financial services company specializing in life, living benefits, and final expense insurance, today announced it has filed a shelf registration statement (the "Shelf Registration") on Form S-3 with the United States Securities and Exchange Commission (the "SEC"), replacing a previous shelf registration statement on Form S-3 that will expire on November 30, 2024.
The replacement Shelf Registration will allow the Company to continue offering shares under its Stock Investment Plan (SIP), which has been in place since 2001. Under the SIP, the Company can either issue new shares to investors or facilitate purchase of shares on the open market. This Shelf Registration reduced the number of shares the Company could offer under the SIP to 5 million shares from 15 million shares registered under the previous S-3, demonstrating the Company's commitment to shareholder returns.
"The shelf filing is a renewal of our prior filing, which was set to expire. We believe it is a matter of good corporate practice to replace our previous shelf registration, as it allows Citizens to continue offering a convenient and economical way for investors to purchase our shares, whether that be through the open market or directly from us. While we don't currently use the SIP to raise capital, this allows us to maintain flexibility in the future with respect to our capital management as we progress on our strategic roadmap designed to deliver sustainable growth in book value per share," said Jon Stenberg, President and Chief Executive Officer.
The Shelf Registration relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement is declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Citizens, Inc.
Citizens, Inc. (NYSE: CIA) is a diversified financial services company providing life, living benefits and final expense insurance and other financial products to individuals and small businesses in the U.S., Latin America, and Asia. Through its customer-centric growth strategy, Citizens offers innovative products to address the evolving needs of its customers in their native languages of English, Spanish, Portuguese, and Mandarin. The Company operates two primary segments: Life Insurance, where internationally the Company is a market leader in U.S. Dollar denominated life insurance and where it is growing in niche markets in the United States through its final expense products distributed through white-label and established distribution channels, and Home Service Insurance, which operates primarily in the U.S. Gulf coast region. For more information about Citizens, please visit the website at www.citizensinc.com and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as "may," "will," "expect," "anticipate", "believe", "project", "intends," "continue" or comparable words. Such forward-looking statements may relate to the Company's expectations regarding its business performance, operational strategy, capital expenditures, technological changes, regulatory actions, and other financial and operational measures. In addition, all statements other than statements of historical facts that address activities that the Company expects or anticipates will or may occur in the future are forward-looking statements. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. The risks, uncertainties and assumptions that are involved in our forward-looking statements include, but are not limited to the risk factors discussed in our most recently filed periodic reports on Form 10-K and Form 10-Q. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in the Company's expectations. Accordingly, you should not unduly rely on these forward-looking statements. The Company also disclaims any duty to comment upon or correct information that may be contained in reports published by the investment community.
Citizens, Inc. Investor Relations Contacts
Darrow Associates Investor Relations
Jeff Christensen and Matt Kreps
Email: CIA@darrowir.com (Jeff and Matt)
Phone: 703-297-6917 (Jeff) and 214-597-8200 (Matt)
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231664
FAQ
What changes did Citizens Inc (CIA) make to its shelf registration in November 2023?
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