Company sells 774,231 common shares at $16.50 per share in deal
By Devika Patel
Knoxville, Tenn., March 21- F&M Bank Corp. settled a $12.77 million private placement of stock on March 20, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company sold 774,231 common shares at $16.50 apiece. The per-share price represents a 4.13% discount to the March 19 closing share price of $17.21.
FIG Partners, LLC and Compass Point Research & Trading LLC were the agents.
The company also announced it plans to offer $10 million of mandatorily convertible preferred stock in a public offering following the conclusion of the private placement.
Proceeds will be used for general corporate purposes, including organic growth, new market expansion and possible future acquisitions.
The bank holding company is based in Timberville, Va.
| Issuer: | F&M Bank Corp.
|
| Issue: | Common stock
|
| Amount: | $12,774,812
|
| Shares: | 774,231
|
| Price: | $16.50
|
| Warrants: | No
|
| Agents: | FIG Partners, LLC and Compass Point Research & Trading LLC
|
| Settlement date: | March 20
|
| Stock symbol: | OTCBB: FNBM
|
| Stock price: | $17.21 at close March 19
|
| Market capitalization: | $43.2 million
|
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