secwatch.observer — SEC 8-K summary
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Issuer:     BLUE RIDGE BANKSHARES, INC. (BRBS)
CIK:        0000842717
Form:       8-K
Filed at:   2024-06-14T23:59:59+00:00
Accession:  0001193125-24-161712
Event type: other_material
Sentiment:  neutral
Materiality: 0.70
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 insider Spurzem
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842717/000119312524161712/0001193125-24-161712-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842717/000119312524161712/d810744d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-161712

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