1 unchanged sentence
Market Information and Number of Holders
−Removed: Our common shares began trading on the NYSE under the symbol “HG” on November 13, 2023.
+Added: Our Class B common shares began trading on the NYSE under the symbol "HG" on November 13, 2023.
Prior to that time, there was no public market for our common shares.
−Removed: As of March 1, 2024, there were approximately 4, 272 and 4 holders of record of our Class A, B and C common shares, respectively.
−Removed: These figures do not represent the actual number of beneficial owners of our common shares because shares are frequently held in "street name" by securities dealers and others for the benefit of beneficial owners who may vote the shares.
−Removed: We have not declared or paid any dividends on Class B common shares to date.
+Added: As of February 20, 2025, there were approximately 2, 154 and 3 holders of record of our Class A, B and C common shares, respectively.
+Added: These figures do not represent the actual number of beneficial owners of our common shares because shares are frequently held in "street name" by securities dealers and other financial institutions on behalf of our shareholders.
+Added: Our Class A and Class C common shares are not listed or traded on any securities exchange and there is currently no established public trading market for our Class A or C common shares.
+Added: We have not declared or paid any dividends on any class of our common shares to date.
We anticipate that we will retain our future earnings to finance the further development and expansion of our business and do not intend to declare or pay cash dividends in the foreseeable future.
Any future determination to pay dividends will be at the discretion of our Board of Directors, subject to applicable laws, and will depend on our financial condition, results of operations, capital requirements, general business conditions and future agreements and financing instruments, business prospects, and such other factors that our Board of Directors deems relevant.
−Removed: Our future ability to pay cash dividends on our Class B common shares may also be limited by the terms of any future debt securities, preferred shares or credit facilities.
+Added: Our ability to pay cash dividends on our Class B common shares may also be limited by the terms of the existing (or future) agreements governing our indebtedness as well as any future debt securities we may issue.
Performance Graph
1 unchanged sentence
The share price performance presented below is not necessarily indicative of future results.
−Removed: Recent Sales of Unregistered Securities
+Added: Issuer Repurchases of Equity Securities
Set forth below is information regarding securities issued or granted by us during the period covered by this Annual Report on Form 10-K that were not registered under the Securities Act.
−Removed: During the period covered by this Annual Report on Form 10-K, pursuant to the Company’s 2013 Equity Incentive Plan, we issued 779,905 shares at a weighted average price of $13.74 per share to certain employees and directors.
−Removed: During the period covered by this Annual Report on Form 10-K, a total of 342,500 warrants with an exercise price of $10.00 were exercised, resulting in a net issuance of 271,097 Class B shares.
−Removed: No underwriters were involved in the foregoing issuance of securities.
−Removed: The issuances of the securities described above were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act or Rule 701 promulgated under the Securities Act as transactions pursuant to compensatory benefit plans.
−Removed: The shares of common stock issued upon the exercise of stock options or warrants are deemed to be restricted securities.
−Removed: All recipients either received adequate information about us or had access, through employment or other relationships, to such information.
−Removed: Use of Proceeds from Initial Public Offering
−Removed: On November 14, 2023, we closed our initial public offering (“IPO”), in which 6,250,000 Class B common shares were issued and sold by the Company and 8,750,000 existing Class B common shares were sold by the Company's shareholders.
−Removed: On November 22, 2023, as part of the IPO, an additional 1,500,000 existing shares were sold by the Company's shareholders pursuant to the exercise of the underwriters’ option to purchase additional shares of our Class B common shares.
−Removed: The public offering price of the common shares sold in the IPO was $15.00 per share resulting in net proceeds received by us from the IPO of approximately $80.6 million, after deducting underwriting discounts and commissions and specific incremental expenses directly attributable to the IPO.
−Removed: The offer and sale of all of the shares in the IPO were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No.
−Removed: 333-275000), as amended, which was declared effective by the SEC on November 9, 2023.
−Removed: Barclays Capital Inc.
−Removed: and Morgan Stanley & Co.
−Removed: LLC acted as joint lead book-running managers of the IPO.
−Removed: There has been no material change in the planned use of proceeds from our IPO as described in our prospectus dated November 9, 2023 and filed with the SEC on November 13, 2023 in connection with our IPO.
−Removed: Issuer Purchases of Equity Securities
−Removed: During the period covered by this Annual Report on Form 10-K, the Company repurchased 163,758 Class B common shares.
+Added: Shares purchased under publicly announced repurchase program (1)
+Added: Other shares purchased (2)
+Added: Total shares purchased Maximum $ amount still available under repurchase program
+Added: ($ in thousands, except per share information) Shares Average price per share Shares Average price per share Shares Average price per share
+Added: Available for repurchase $ 139,998
+Added: October 1 - 31, 2024 — $ — — $ — — $ — $ 139,998
+Added: November 1 - 30, 2024 251,595 $ 18.56 500,195 $ 17.80 751,790 $ 18.05 $ 135,328
+Added: December 1 - 31, 2024 704,169 $ 19.01 — $ — 704,169 $ 19.01 $ 121,942
+Added: Total 955,764 500,195 1,455,959 $ 121,942
+Added: (1) On August 7, 2024, the Board of Directors authorized the repurchase of the Company's common shares in the aggregate amount of $150 million (the “Authorization”).
+Added: The Company may repurchase shares through open market repurchases and/or privately negotiated transactions.
+Added: The Authorization will expire when the Company has repurchased the full value of shares authorized, unless terminated earlier by the Board of Directors.
+Added: To the extent there is any repurchase activity under the Authorization, it is disclosed in Note 11, Share Capital .
+Added: Repurchases under the Authorization totaled $18.1 million for the quarter ended December 31, 2024.
+Added: (2) Other shares purchased represents common shares repurchased and cancelled in respect of withholding tax obligations on vested awards.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.