Company will sell common shares to investors of record as of April 19
By Devika Patel
Knoxville, Tenn., April 21 – Enterprise Bancorp, Inc. priced its $10 million rights offering on April 21, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal was announced April 8 and has an oversubscription privilege.
Each right will be exercisable for 0.0444 of a common share at $21.50 per share, which is an 11.63% premium to the April 20 closing share price of $24.33. Investors will receive rights to purchase one common share for every share held as of April 19, the record date.
Any shares not sold in the rights offering will be sold to the public through a community offering at $21.50 per share.
The offering will expire on May 27.
Based in Lowell, Mass., the company is principally engaged in the business of attracting deposits from the general public and investing in commercial loans and investment securities.
| Issuer: | Enterprise Bancorp, Inc.
|
| Issue: | Common stock
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| Amount: | $10 million
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| Shares: | 2,568,627
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| Price: | $21.50
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| Warrants: | No
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| Announcement date: | April 8
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| Record date: | April 19
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| Pricing date: | April 21
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| Expiration date: | May 27
|
| Stock symbol: | Nasdaq: EBTC
|
| Stock price: | $24.33 at close April 20
|
| Market capitalization: | $253.69 million
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