Shareholders may buy two common shares at $1.50 apiece for each right
By Devika Patel
Knoxville, Tenn., July 5 - First Security Group, Inc. will conduct a rights offering to raise up to $4.99 million, according to a Form S-1 filed Friday with the Securities and Exchange Commission.
The company will offer rights for up to 3,329,234 common shares. Each right will be exercisable for two common shares at $1.50 per share, a 31.19% discount to the closing share price of $2.18 on July 3.
Investors will receive subscription rights for common shares held as of 5 p.m. ET on April 10.
Raymond James is the manager.
Proceeds will be used to supplement the company's capital and for general corporate purposes.
First Security is a Chattanooga, Tenn., bank holding company for FSGBank, NA.
| Issuer: | First Security Group, Inc.
|
| Issue: | Common stock
|
| Amount: | $4,993,851
|
| Shares: | 3,329,234
|
| Price: | $1.50
|
| Warrants: | No
|
| Manager: | Raymond James
|
| Pricing date: | July 5
|
| Stock symbol: | Nasdaq: FSGI
|
| Stock price: | $2.18 at close July 3
|
| Market capitalization: | $139.2 million
|
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