other material
confidence high
sentiment neutral
materiality 0.50
Blue Ridge Bankshares raises ~$11.6M in private placement with shareholder Richard Spurzem
BLUE RIDGE BANKSHARES, INC.
- Gross proceeds of ~$11.6M from sale of 290,000 common shares ($2.39/share), 1,140 Series B preferred shares ($9,566.13/share), and a warrant.
- Placement exercises gross-up rights by shareholder Richard T. Spurzem under 2014/2015 stock purchase agreements.
- Proceeds for general corporate purposes, repositioning business lines, organic growth, and enhancing subsidiary bank capital.
- Closing expected June 12, 2024, subject to NYSE American listing authorization of common shares.
- Conversion of preferred and warrant shares requires shareholder approval to increase authorized common stock to 150M and listing approval.