Patriot National Bancorp in Stamford, Conn., is raising $25.6 million by selling securities.
The company disclosed in a regulatory filing that it has signed purchase agreements to sell nearly 19.2 million shares of voting common stock and nearly 12.8 million shares of non-voting common stock to unnamed buyers.
The shares will be issuable six months after the offering’s closing upon exercise of three-year warrants.
Shares are being sold at $1.25 each, while the warrants are selling for $0.125 each.
Patriot plans to use the offering’s proceeds for general corporate purposes that may include capital expenditures, working capital, or debt repayment.