secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2024-04-05T23:59:59+00:00
Accession:  0001193125-24-088085
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 5.03, 3.02, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blue Ridge Bankshares raises $150M via common/preferred stock and warrants; appoints three directors
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/0001193125-24-088085-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000119312524088085/d818821d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-088085

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