secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2023-12-22T23:59:59+00:00
Accession:  0001193125-23-302215
Event type: other_material
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000119312523302215/0001193125-23-302215-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000119312523302215/d47204d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-302215

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer