Quaint Oak Bancorp sells 117K shares (4.9%) to ItalBank at $13.87/share for $1.62M

QUAINT OAK BANCORP, INC.

Sold 117,125 shares of common stock to ItalBank International at $13.87 per share, aggregate $1,624,524.
Sale represents approximately 4.9% of pro forma outstanding common stock; net proceeds for general corporate purposes.
ItalBank represented as accredited investor; shares issued under Section 4(a)(2) and Rule 506(b) exemption.
Closing occurred on November 2, 2023; customary representations, warranties, and conditions included.

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 Stock Purchase Agreement with ItalBank International Inc. valued at $1,624,524 (effective 2023-11-02).

Action: entry
Agreement: equity purchase
Counterparty: ItalBank International Inc.
Value: $1,624,524
Effective: 2023-11-02

Exact text from the filing

On November 2, 2023, Quaint Oak Bancorp, Inc., a Pennsylvania corporation and the holding company for Quaint Oak Bank (the "Company"), entered into a Stock Purchase Agreement (the “Purchase Agreement”) with ItalBank International Inc., an international banking entity incorporated in the Commonwealth of Puerto Rico (“ItalBank”). Pursuant to the Purchase Agreement, on November 2, 2023 the Company sold to ItalBank 117,125 shares of common stock, par value $0.01 per share, of the Company (“Common Stock”) (the “Shares”), or approximately 4.9% of the pro forma outstanding shares of Common Stock, for a purchase price of $13.87 per share (for an aggregate of $1,624,524).

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QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-23-000144

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