Quaint Oak sells ~4.9% stake to FNCB at $22.50/sh; second closing up to 9.9% pending regulatory OK

QUAINT OAK BANCORP, INC.

Sold 105,904 shares (4.9% of outstanding) to FNCB Bancorp on Dec. 12, 2022 for $2,382,840 at $22.50/share.
Agreement permits up to 116,292 additional shares (second closing) capped at 9.9% beneficial ownership.
Second closing subject to Federal Reserve approval, no MAE, and must close by March 12, 2023.
Company to contribute $2.3M of net proceeds to Quaint Oak Bank for general corporate purposes.
PNC FIG Advisory served as exclusive placement agent for the offering.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QUAINT OAK BANCORP, INC. entered into Purchase Agreement with FNCB Bancorp, Inc. valued at up to 222,196 shares of common stock, par value $0.01 per share (effective 2022-12-12).

Action: entry
Agreement: equity purchase
Counterparty: FNCB Bancorp, Inc.
Value: up to 222,196 shares of common stock, par value $0.01 per share
Effective: 2022-12-12

Exact text from the filing

On December 12, 2022, Quaint Oak Bancorp, Inc. (the "Company") entered into a Stock Purchase Agreement (the “Purchase Agreement”) with FNCB Bancorp, Inc. (“FNCB”).

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26 material agreements filed in the last 30 days. Browse all material agreements →

QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-22-000126

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