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424B4 ·Filed May 14, 2026

NP

Neptune Insurance Holdings Inc.
BEARISH
Impact 6/10
Horizonweeks Processed5mo ago SEC0001628280-26-035207
Prospectus supplement
Actionable Insight ▼ Bearish

The secondary offering by private equity holders (Bregal Sagemount, FTV Capital) creates immediate overhang and ~9.3% net dilution to the public float despite the concurrent buyback. The 1.6% discount is modest but the sheer size (~10.4% of Class A shares offered) will pressure the stock near-term. Monitor for the 30-day greenshoe exercise and any follow-on selling after the 90-day lock-up expires. The company's strong fundamentals (32% revenue growth, 59% EBITDA margins) provide a floor, but the supply overhang is the dominant factor for the next 1-3 months.

DirectionBearish
Confidencehigh
Horizonweeks
Final — all horizons settled through T+60d ⚠ clustered
NP ▲ +11.68% at T+60d
SHORT call ✗ call lost -11.68% · α vs SPY -7.16% · entry $28.00 → $31.27
Entry = T+0 close
May 14, 2026
via day close
T+1d
-2.79%
call +2.79% · α +2.72%
$27.22
settled 5mo ago
T+5d
-0.46%
call +0.46% · α +1.43%
$27.87
settled 5mo ago
T+20d
-2.14%
call +2.14% · α +4.26%
$27.40
settled 5mo ago
T+60d
+11.68%
call -11.68% · α -7.16%
$31.27
settled 3mo ago

Executive Summary

Selling stockholders (Bregal Sagemount and FTV Capital entities) are pricing a secondary offering of 9,841,395 shares of Neptune Class A common stock at $27.50 per share, a 1.6% discount to the $27.94 last sale price. The company will not receive any proceeds but intends to concurrently repurchase 984,140 shares from the underwriters for ~$27.1M using cash on hand and revolver borrowings, partially offsetting the dilution. The offering represents ~10.4% of pre-offering Class A shares outstanding, with a 90-day lock-up on selling stockholders and insiders.

Key Financial Metrics

Offering Size
$270.6M
Dilution
9.3%
Lock-up
90 days
Underwriters
Morgan Stanley, J.P. Morgan +13

Key Facts

  • 9,841,395 shares offered by selling stockholders at $27.50/share, total proceeds to sellers of ~$259.8M
  • Public offering price of $27.50 represents a ~1.6% discount to the $27.94 last sale on May 13, 2026
  • Company will repurchase 984,140 shares from underwriters for ~$27.1M, funded by cash on hand and revolver borrowings
  • Post-offering and repurchase, Class A shares outstanding will be 93,884,186 (from 94,868,326 pre-offering)
  • Underwriters have a 30-day option to purchase up to an additional 1,476,209 shares from selling stockholders
  • Selling stockholders, directors, officers, and certain holders subject to 90-day lock-up
  • Underwriting discount is $1.10 per share ($9.7M total); no discount on repurchased shares
  • Joint book-runners: Morgan Stanley, J.P. Morgan, Goldman Sachs; 15 underwriters total

Financial Impact

Secondary offering of ~$270.6M at public offering price; company repurchases ~$27.1M; net dilution to public float of ~8,857,255 shares (9.3% of pre-offering Class A shares)

dilutionshare countdebt

Risk Factors

  • Secondary selling by insiders signals potential further supply after lock-up expiration
  • Dilution to public float despite share repurchase; CEO retains ~84% voting control
  • Company adding $24M in debt to fund repurchase, increasing leverage
  • Lock-up expires in ~90 days, enabling additional selling by remaining holders

Market Snapshot

Exchange
NYSE
Sector
Insurance Agents, Brokers & Service
Analyst Consensus
76% bullish (21 analysts)

Investment Themes

Traditional Finance

Documents Analyzed

This report is based on 4 SEC documents filed with EDGAR.

DocumentAccession Number
424B4 Filing (Primary)0001628280-26-035207
Document: 0001628280-26-035207-index-headers.html0001628280-26-035207
Document: 0001628280-26-035207-index.html0001628280-26-035207
Document: 0001628280-26-035207.txt0001628280-26-035207
10 reports for NP
Performance horizon
50% Hit rate @ T+5 2 of 4 directional calls Went positive at some point 5 of 5 best @ T+60▲ +10.17%Jul 29, 2026
Filters
Rows
Reports for NP — sortable, filterable
TypeNow
Oct 20, 2026
6d ago
8-K
BULLISH ★ 7/10
$28.39awaiting T+5—$28.37 (−0.07%)
Jul 31, 2026
12w ago
Insider Cluster
BEARISH ★ 7/10
$31.63 $31.17▲ +1.45%▲ +3.48%$28.37 (+10.31%)
Jul 29, 2026
12w ago
144
BEARISH ★ 6/10
$31.66 $32.83▼ −3.70%▼ −0.07%$28.37 (+10.39%)
May 19, 2026
22w ago
Insider Cluster
BEARISH ★ 7/10
$27.78 $27.91▼ −0.47%▲ +1.33%$28.37 (−2.12%)
May 14, 2026
23w ago
424B4
BEARISH ★ 6/10
$28.00 $27.87▲ +0.46%▲ +1.43%$28.37 (−1.32%)
May 14, 2026
23w ago
EFFECT
BEARISH ★ 5/10
$27.46 $27.27▲ +0.69%▼ −0.03%$28.37 (−3.31%)
May 11, 2026
24w ago
S-1
NEUTRAL ★ 4/10
$28.54 $27.22▼ −4.63%▼ −4.70%$28.37 (−0.60%)
May 11, 2026
24w ago
DEFA14A
NEUTRAL ★ 2/10
$28.54 $27.22▼ −4.63%▼ −4.70%$28.37 (−0.60%)
Apr 22, 2026
26w ago
8-K
MIXED ★ 6/10
$27.18 $25.91▼ −4.67%▼ −6.15%$28.37 (+4.38%)
Apr 17, 2026
27w ago
DEFA14A
NEUTRAL ★ 2/10
$27.66 $26.81▼ −3.07%▼ −3.63%$28.37 (+2.57%)
Showing 10 of 10

US Market Status

Market Closed — Opens Tue (16h 35m)

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Report published May 14, 2026