FIG Partners assists in selling 1,951,220 preferreds at $10.25 apiece
By Devika Patel
Knoxville, Tenn., March 22 - First Bancshares, Inc. said it completed a $20 million private placement of series D convertible preferred stock. FIG Partners, LLC was the agent.
The company sold 1,951,220 preferreds at $10.25 apiece. The preferreds are convertible into common stock at a rate of one common share per preferred.
Proceeds will be used to increase the bank's equity capital and for general corporate purposes, which may include support for organic and acquisition-based growth.
First Bancshares is a Mountain Grove, Mo., community bank.
| Issuer: | First Bancshares, Inc.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $20 million
|
| Shares: | 1,951,220
|
| Price: | $10.25
|
| Conversion rate: | Into one common share (per preferred)
|
| Warrants: | No
|
| Agent: | FIG Partners, LLC
|
| Settlement date: | March 22
|
| Stock symbol: | Nasdaq: FBMS
|
| Stock price: | $11.65 at close March 21
|
| Market capitalization: | $36.66 million
|
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