secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2024-06-11T23:59:59+00:00
Accession:  0001193125-24-158758
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Blue Ridge Bankshares raises ~$11.6M in private placement with shareholder Richard Spurzem
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000119312524158758/0001193125-24-158758-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000119312524158758/d828101d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-158758

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