Quaint Oak Bancorp sells 3.4% stake to Fintech Holdings for $1M; may sell additional shares

QUAINT OAK BANCORP, INC.

On Feb 14, 2024, Quaint Oak issued 84,818 shares at $11.79/share to Fintech Holdings for $1,000,004.
Fintech has option to buy up to 39,217 more shares (VWAP pricing) within 120 days, capped at 4.9% ownership.
Sale exempt under Section 4(a)(2) and Rule 506(b); Fintech represented as accredited investor.
Net proceeds will be used for general corporate purposes.
Post-sale, Fintech holds approximately 3.4% of Quaint Oak common stock.

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 Fintech Holdings LLC valued at up to 124,035 shares of common stock (effective 2024-02-14).

Action: entry
Agreement: equity purchase
Counterparty: Fintech Holdings LLC
Value: up to 124,035 shares of common stock
Effective: 2024-02-14

Exact text from the filing

On February 14, 2024, 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 Fintech Holdings LLC, a limited liability company incorporated in the Commonwealth of Puerto Rico (“Fintech”). Pursuant to the Purchase Agreement, the Company agreed to sell up to 124,035 shares of common stock, par value $0.01 per share, of the Company (“Common Stock”) to Fintech.

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

QUAINT OAK BANCORP, INC. filing history →

Source: SEC EDGAR

accession 0000927089-24-000034

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