Offering sells 360,815 common shares at $33.00 each, a 3.25% premium
By Devika Patel
Knoxville, Tenn., July 11 – Middlefield Banc Corp. said it settled an $11.91 million private placement of stock. The deal, which priced for $12.42 million, raised $5 million on May 2 and $5.99 million on May 24. Boenning & Scattergood, Inc. was the agent.
The company sold 360,815 common shares at $33.00 apiece. The price per share is a 3.25% premium to the April 29 closing share price of $31.96.
Middlefield sold 151,515 shares to two investors in the first tranche. On May 24, it sold an additional 181,585 shares. Of the second-tranche shares, 14,179 were sold to insiders and 167,406 were sold to other investors.
Proceeds were used for general corporate purposes and the extinguishment of $9.5 million of debt.
The bank holding company is based in Middlefield, Ohio.
| Issuer: | Middlefield Banc Corp.
|
| Issue: | Common stock
|
| Amount: | $11,906,895
|
| Shares: | 360,815
|
| Price: | $33.00
|
| Warrants: | No
|
| Agent: | Boenning & Scattergood, Inc.
|
| Settlement dates: | May 2 (for $5 million), May 24 (for $5,992,305), July 11
|
| Stock symbol: | Nasdaq: MBCN
|
| Stock price: | $31.96 at close April 29
|
| Market capitalization: | $65.77 million
|
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