Company offers rights to investors of record as of April 19
By Devika Patel
Knoxville, Tenn., June 6 – Enterprise Bancorp, Inc. increased its rights offering and community offering to $20 million due to “substantial support of existing shareholders and considerable interest from new investors,” according to an 8-K filed Monday with the Securities and Exchange Commission. The deals were announced April 8 and priced for $10 million with an oversubscription privilege on April 21.
The company will offer rights for up to 930,232 shares.
Each right will be exercisable for 0.0444 of a common share at $21.50 per share, which is an 11.63% discount 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 the community offering at $21.50 per share.
The expiration date for the rights offering was May 27. The community offering expires on June 10, and investors may withdraw fully or partially from either deal until June 17.
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
|
| Amount: | $20 million
|
| Rights: | 930,232
|
| Exercise price: | $21.50
|
| Warrants: | No
|
| Announcement date: | April 8
|
| Record date: | April 19
|
| Pricing date: | April 21
|
| Upsized: | June 6
|
| Expiration date: | May 27, June 10
|
| Stock symbol: | Nasdaq: EBTC
|
| Stock price: | $24.33 at close April 20
|
| Market capitalization: | $244.9 million
|
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