Blue Ridge Bankshares raises $11.6M in private placement with insider Spurzem

BLUE RIDGE BANKSHARES, INC.

On June 13, 2024, closed a private placement with shareholder Richard T. Spurzem for gross proceeds of ~$11.6M.
Issued 290,000 common shares at $2.39/share, 1,140 Series B Preferred shares at $9,566.13 each, and a warrant for 607 Series B Preferred shares at $10,000/share.
Securities were sold in an unregistered offering exempt under Section 4(a)(2) and Rule 506(b); a Registration Rights Agreement was also signed.
The purchaser is an insider; the deal increases company equity and provides capital for general corporate purposes.
Proceeds represent a significant funding event for the company, which trades on the NYSE American under BRBS.

item 1.01 item 3.02 item 9.01

Machine-readable event card

schema_version: secwatch.filing_event.v1
accession: 0001193125-24-161712
form_type: 8-K
ticker: BRBS
cik: 0000842717
company_name: BLUE RIDGE BANKSHARES, INC.
filed_at: 2024-06-14T23:59:59+00:00
discovered_at: 2026-05-14T18:03:22.124927+00:00
generated_at: 2026-06-01T04:29:40.520170+00:00
sec_items: ["1.01", "3.02", "9.01"]
event_type: other_material
sentiment: neutral
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: high
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markdown_url: https://secwatch.observer/filing/0001193125-24-161712.md
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