Proceeds to improve subsidiary's capital levels, fund opportunities
By Toni Weeks
San Diego, Jan. 7 - Independence Bancshares, Inc. said it raised $14.12 million in a private placement of common stock.
The company issued 17,648,750 shares at $0.80 per share, a 6.67% premium to the closing share price of $0.75 on Jan. 4.
Hovde Securities, LLC was the agent for the offering.
Investors also received registration rights in connection with the offering.
The company also announced it appointed Gordon A. Baird as its president and chief executive officer.
Proceeds will be used to improve subsidiary Independence National Bank's capital levels as well as to finance future business opportunities.
Greenville, S.C.-based Independence Bancshares is the holding company for Independence National Bank.
| Issuer: | Independence Bancshares, Inc.
|
| Issue: | Common shares
|
| Amount: | $14,119,000
|
| Shares: | 17,648,750
|
| Price: | $0.80
|
| Warrants: | No
|
| Agent: | Hovde Securities, LLC
|
| Settlement date: | Jan. 7
|
| Stock symbol: | OTCBB: IEBS
|
| Stock price: | $0.75 at close Jan. 4
|
| Market capitalization: | $1.04 million |
|
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