8-K
filed April 5, 2024, 7:59 PM ET
ticker BRBS
CIK 0000842717
other material
confidence high
sentiment neutral
materiality 0.85
Blue Ridge Bankshares raises $150M via common/preferred stock and warrants; appoints three directors
BLUE RIDGE BANKSHARES, INC.
- Gross proceeds $150M from 3.4M common shares at $2.50, 14,150 preferred shares at $10,000 each, and warrants.
- Castle Creek and Lehman get board designation rights based on ownership; board to be reduced to 12-14 members.
- Shareholder meeting by June 17, 2024 to approve 150M authorized common shares and issuance for NYSE listing.
- Continues wind-down of fintech BaaS operations, expects substantially complete by end of 2024; NIM compression expected.
- Mandatory conversion of Series B preferred upon approvals; conversion rate decreases 10% every 95 days starting July 8, 2024.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Trevor Montano was appointed as Director at BLUE RIDGE BANKSHARES, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
On April 1, 2024, the Board of Directors of the Company (the “Board”) appointed Ciaran McMullan, Trevor Montano and Tony Scavuzzo as directors of the Company and the Bank (the “New Directors”), effective as of the closing of the Private Placement but subject to receiving the required approvals by applicable regulatory agencies.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ciaran McMullan was appointed as Director at BLUE RIDGE BANKSHARES, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
On April 1, 2024, the Board of Directors of the Company (the “Board”) appointed Ciaran McMullan, Trevor Montano and Tony Scavuzzo as directors of the Company and the Bank (the “New Directors”), effective as of the closing of the Private Placement but subject to receiving the required approvals by applicable regulatory agencies.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Tony Scavuzzo was appointed as Director at BLUE RIDGE BANKSHARES, INC..
- Action
- appointed
- Role
- Director
Exact text from the filing
On April 1, 2024, the Board of Directors of the Company (the “Board”) appointed Ciaran McMullan, Trevor Montano and Tony Scavuzzo as directors of the Company and the Bank (the “New Directors”), effective as of the closing of the Private Placement but subject to receiving the required approvals by applicable regulatory agencies.
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
BLUE RIDGE BANKSHARES, INC.: Filed Articles of Amendment to create Series B and Series C Preferred Stock (effective 2024-04-03).
- Change
- charter amendment
- Effective
- 2024-04-03
Exact text from the filing
On April 3, 2024, the Company filed Articles of Amendment to its Articles of Incorporation with the Virginia State Corporation Commission creating and authorizing 30,000 shares of Series B Preferred Stock and 10,000 shares of Series C Preferred Stock.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
BLUE RIDGE BANKSHARES, INC. amended Amended and Restated Securities Purchase Agreement with Kenneth R. Lehman, Castle Creek Capital Partners VIII, LP, and other investors and certain directors and executive officers of the Company valued at $150,000,000 (effective 2024-04-03).
- Action
- amendment
- Agreement
- equity purchase
- Counterparty
- Kenneth R. Lehman, Castle Creek Capital Partners VIII, LP, and other investors and certain directors and executive officers of the Company
- Value
- $150,000,000
- Effective
- 2024-04-03
Exact text from the filing
On April 3, 2024, Blue Ridge Bankshares, Inc. (the “Company”), entered into an Amended and Restated Securities Purchase Agreement (the “Securities Purchase Agreement”) with Kenneth R. Lehman, Castle Creek Capital Partners VIII, LP (“Castle Creek”), other investors and certain directors and executive officers of the Company (each, a “Purchaser” and collectively, the “Purchasers”), which amends and restates, in its entirety, the previously disclosed Securities Purchase Agreement entered into by the Company on December 21, 2023.
View on SEC.gov
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