secwatch.observer — SEC 8-K summary
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Issuer:     Magyar Bancorp, Inc. (MGYR)
CIK:        0001337068
Form:       8-K
Filed at:   2021-07-12T23:59:59+00:00
Accession:  0001193125-21-212148
Event type: other_material
Sentiment:  positive
Materiality: 0.80
Item codes: 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Magyar Bancorp closes mutual-to-stock conversion on July 14 at max offering of 3.91M shares at $10
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- All regulatory approvals received; conversion closing at business close on July 14, 2021.
- Sale of 3,910,000 shares at $10.00 per share (maximum of offering range); oversubscribed by eligible depositors.
- Existing public shares converted at exchange ratio of 1.2213; expected ~7,098,070 shares outstanding post-conversion.
- Authorized shares increased from 9M to 14.5M (common 14M, preferred 0.5M) and exclusive Delaware forum provision added.
- Employee stock plan unable to purchase in offering; expected to buy up to 8% of shares sold in the open market post-close.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1337068/000119312521212148/0001193125-21-212148-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1337068/000119312521212148/d566502d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-212148

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