Blue Ridge Bankshares to raise $150M via 60M shares and warrants at $2.50 per share

BLUE RIDGE BANKSHARES, INC.

Gross proceeds of $150M from 60M shares and ~29.4M warrants at $2.50 each; warrants exercisable for 5 years.
Kenneth R. Lehman to own ~25% and Castle Creek ~12.5% of pro forma common stock.
Closing expected March 2024, subject to shareholder and regulatory approvals.
Proceeds to reposition business lines, support organic growth, and enhance bank capital levels.
Up to three new board representatives expected; asset resolution plan to address criticized assets.

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

BLUE RIDGE BANKSHARES, INC. entered into Securities Purchase Agreement with Kenneth R. Lehman, Castle Creek Capital Partners VIII, L.P., other institutional investors and certain directors and executive officers valued at $150,000,000 (effective 2023-12-21).

Action: entry
Agreement: equity purchase
Counterparty: Kenneth R. Lehman, Castle Creek Capital Partners VIII, L.P., other institutional investors and certain directors and executive officers
Value: $150,000,000
Effective: 2023-12-21

Exact text from the filing

On December 21, 2023, Blue Ridge Bankshares, Inc. (the “Company”), entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Kenneth R. Lehman, Castle Creek Capital Partners VIII, L.P. (“Castle Creek”), other institutional investors and certain directors and executive officers of the Company

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

BLUE RIDGE BANKSHARES, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-302215

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