secwatch.observer — SEC 8-K summary
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Issuer:     Hanover Bancorp, Inc. /MD (HNVR)
CIK:        0001828588
Form:       8-K
Filed at:   2022-10-31T23:59:59+00:00
Accession:  0001104659-22-113019
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 3.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Hanover Bancorp creates Series A Preferred for Castle Creek exchange; 150K shares issued
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- Exchange Agreement with Castle Creek: 150K common shares exchanged for 150K shares of new Series A Convertible Perpetual Preferred Stock.
- Series A Preferred ranks pari passu with common on dividends/liquidation; converts 1:1 to common upon certain transfers or at company request (subject to 9.9% cap).
- Castle Creek granted Board Observer rights as long as it holds at least 4.9% of outstanding common stock; observer is non-voting.
- Amendment to Certificate of Incorporation filed Oct 25, 2022, designating 150K Series A shares; issued in the exchange.
- Purpose: allow Castle Creek to purchase additional common without exceeding 9.9% voting threshold under bank regulatory limits.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/0001104659-22-113019-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1828588/000110465922113019/tm2229211d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-113019

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