Shareholders receive one right for 0.2721 shares for every share held
By Devika Patel
Knoxville, Tenn., Nov. 8 - Peapack-Gladstone Financial Corp. said it will raise $42 million through a rights offering of common stock.
The company is selling 2,470,588 rights. It will offer one right for every common share held as of Oct. 21. The rights will be exercisable for 0.2721 shares at $17.00 apiece, which is a 2.3% discount to the Nov. 7 closing share price of $17.40.
The company will offer any shares not sold in the rights offering to standby purchasers.
Sandler O'Neill + Partners, LP is the dealer manager.
Settlement is expected Dec. 9.
Proceeds will be used for general corporate purposes, which may include, among other things, funding our expansion plans, working capital and pursuing strategic opportunities.
Peapack-Gladstone Financial is the holding company for Peapack-Gladstone Bank, which is based in Bedminster, N.J.
| Issuer: | Peapack-Gladstone Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $42 million
|
| Shares: | 2,470,588
|
| Price: | $17.00
|
| Warrants: | No
|
| Dealer manager: | Sandler O'Neill + Partners, LP
|
| Pricing date: | Nov. 8
|
| Settlement date: | Dec. 9
|
| Stock symbol: | Nasdaq: PGC
|
| Stock price: | $17.40 at close Nov. 7
|
| Market capitalization: | $35.83 million
|
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