Patriot National Bancorp announces over $50M private placement, departure of CEO David Lowery
Private Placement Announcement: Patriot National Bancorp has entered into securities purchase agreements to raise over $50 million in a private placement, aimed at increasing equity capital and strengthening its balance sheet.
Leadership Changes: The company announced the departure of CEO David Lowery, with Steven Sugarman taking over as CEO under a long-term employment agreement, ensuring a smooth transition until Lowery's departure on April 15, 2025.
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Patriot National Bancorp raises $10M in direct stock offering
Recent Offering: Patriot National Bancorp completed a registered direct offering of approximately 8.52 million shares at $1.25 per share, raising about $10.65 million in gross proceeds.
Stock Performance: Following the offering, the company's stock price increased by 3.3% during after-market trading hours.
Patriot National Bancorp Announces Completion of $10M Registered Direct Offering
Successful Stock Offering: Patriot National Bancorp, Inc. has completed a registered direct offering of 8,524,160 shares of common stock at $1.25 per share, raising gross proceeds of $10,655,200, following a previous private placement that raised over $50 million.
Strengthened Capital Base: The company's president expressed confidence in the strong investor interest and noted that the successful offering enhances the bank's capital base, positioning it to better serve clients and achieve strategic objectives.
Shake Shack, Tesla And Other Big Stocks Moving Lower In Monday's Pre-Market Session
U.S. Stock Market Trends: U.S. stock futures are down, with the Dow futures dropping approximately 300 points. Several companies, including Shake Shack and Patriot National Bancorp, saw significant declines in pre-market trading following downgrades and mixed financial announcements.
Notable Stock Movements: Shake Shack's shares fell 4.4% after a downgrade from Buy to Hold, while other stocks like TSS, GRAIL, and Tesla also experienced notable drops in pre-market trading, reflecting broader market concerns.
Patriot Bank Expands Its Board and Senior Leadership Team
New Leadership Appointments: Patriot Bank has elected Richard Smith, Jeff Seabold, and Thedora Nickel to its Board of Directors, while also appointing Paul Simmons as EVP, Chief Credit Officer, Nicole L. Wells as SVP, Head of Operations, Rebecca Mais as SVP, High Net Worth and Specialty Deposits, and Raquel Gillett as SVP, Digital Transformation and Risk Analytics.
Focus on Client Services: These appointments aim to enhance the bank's leadership and operational capabilities, particularly in delivering exceptional banking services tailored for high-net-worth clients and their advisors, aligning with the bank's mission to empower clients and provide value to shareholders.
Why Novavax Shares Are Trading Higher By Around 17%; Here Are 20 Stocks Moving Premarket
Novavax Vaccine Approval: Novavax, Inc. shares surged 16.6% to $7.84 in pre-market trading following the FDA's conditional approval of its COVID-19 vaccine for specific populations.
Market Movements: Several stocks experienced significant pre-market fluctuations, with Healthcare Triangle, Inc. rising 59.2%, while Affimed N.V. saw a decline of 35.5%.
Insider Purchase: President of $PNBK Buys 7,019,978 Shares
Insider Trading Activity: Steven Sugarman, President of $PNBK, purchased 7,019,978 shares for approximately $5.26 million on March 20, 2025, increasing his holdings significantly; there has been only one insider trade in the past six months, which was a purchase.
Institutional Investor Movements: In the last quarter, three institutional investors increased their positions in $PNBK stock while five reduced theirs, indicating mixed sentiment among institutional stakeholders.
Patriot National Bancorp raises $10M in direct stock offering
Recent Offering: Patriot National Bancorp completed a registered direct offering of approximately 8.52 million shares at $1.25 per share, raising about $10.65 million in gross proceeds.
Stock Performance: Following the offering, the company's stock price increased by 3.3% during after-market trading hours.
Patriot National Bancorp Announces Completion of $10M Registered Direct Offering
Successful Stock Offering: Patriot National Bancorp, Inc. has completed a registered direct offering of 8,524,160 shares of common stock at $1.25 per share, raising gross proceeds of $10,655,200, following a previous private placement that raised over $50 million.
Strengthened Capital Base: The company's president expressed confidence in the strong investor interest and noted that the successful offering enhances the bank's capital base, positioning it to better serve clients and achieve strategic objectives.
Shake Shack, Tesla And Other Big Stocks Moving Lower In Monday's Pre-Market Session
U.S. Stock Market Trends: U.S. stock futures are down, with the Dow futures dropping approximately 300 points. Several companies, including Shake Shack and Patriot National Bancorp, saw significant declines in pre-market trading following downgrades and mixed financial announcements.
Notable Stock Movements: Shake Shack's shares fell 4.4% after a downgrade from Buy to Hold, while other stocks like TSS, GRAIL, and Tesla also experienced notable drops in pre-market trading, reflecting broader market concerns.
Patriot Bank Expands Its Board and Senior Leadership Team
New Leadership Appointments: Patriot Bank has elected Richard Smith, Jeff Seabold, and Thedora Nickel to its Board of Directors, while also appointing Paul Simmons as EVP, Chief Credit Officer, Nicole L. Wells as SVP, Head of Operations, Rebecca Mais as SVP, High Net Worth and Specialty Deposits, and Raquel Gillett as SVP, Digital Transformation and Risk Analytics.
Focus on Client Services: These appointments aim to enhance the bank's leadership and operational capabilities, particularly in delivering exceptional banking services tailored for high-net-worth clients and their advisors, aligning with the bank's mission to empower clients and provide value to shareholders.
Why Novavax Shares Are Trading Higher By Around 17%; Here Are 20 Stocks Moving Premarket
Novavax Vaccine Approval: Novavax, Inc. shares surged 16.6% to $7.84 in pre-market trading following the FDA's conditional approval of its COVID-19 vaccine for specific populations.
Market Movements: Several stocks experienced significant pre-market fluctuations, with Healthcare Triangle, Inc. rising 59.2%, while Affimed N.V. saw a decline of 35.5%.
Insider Purchase: President of $PNBK Buys 7,019,978 Shares
Insider Trading Activity: Steven Sugarman, President of $PNBK, purchased 7,019,978 shares for approximately $5.26 million on March 20, 2025, increasing his holdings significantly; there has been only one insider trade in the past six months, which was a purchase.
Institutional Investor Movements: In the last quarter, three institutional investors increased their positions in $PNBK stock while five reduced theirs, indicating mixed sentiment among institutional stakeholders.
