Blue Ridge Bankshares closes $150M private placement after shareholder vote issue

BLUE RIDGE BANKSHARES, INC.

Closed $150M private placement of 3.4M common shares at $2.50, convertible preferred, and warrants.
Transaction replaces Dec 2023 offering that failed due to vote tabulation error on share authorization.
Proceeds to bolster capital, comply with OCC consent order, and support organic growth.
Series B preferred converts to common upon shareholder approval of share authorization increase to 150M shares.
Up to three new investor-appointed directors to join board upon regulatory OK; board to shrink to 13.

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