Business
Bridgewater Bancshares, Inc. Announces Closing of $60.0 Million Depositary Shares Offering
ST. LOUIS PARK, Minn.--(BUSINESS WIRE)-- Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced the closing of
About this update from Bridgewater Bancshares, Inc.
[{"type":"text","content":" ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--\nBridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced the closing of its underwritten public offering of 2,400,000 depositary shares, each representing a 1/100th ownership interest in a share of 5.875% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share (the “Series A Preferred Stock”), with a liquidation preference of $2,500 per share (equivalent to $25.00 per depositary share). Bridgewater also granted the underwriters a 30-day option to purchase up to 360,000 additional depositary shares. The depositary shares will be listed on the Nasdaq Capital Market under the symbol “BWBBP” and are expected to begin trading within 30 days.\n\nThe net proceeds to Bridgewater from the offering were approximately $57.8 million, after the deduction of underwriting discounts and commissions and offering expenses. Bridgewater intends to use the net proceeds from the offering for general corporate purposes, including support for organic growth plans, support for bank level capital ratios and possible redemption or repurchase of currently outstanding indebtedness.\n\nDividends will be payable on the Series A Preferred Stock if, as and when declared by Bridgewater’s Board of Directors on a non-cumulative basis on March 1st, June 1st, September 1st and December 1st of each year, commencing on December 1, 2021, at a per annum rate of 5.875%.\n\nD.A. Davidson & Co. acted as the lead book-running manager and Performance Trust Capital Partners, LLC acted as joint lead book-running manager for the offering.\n\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The offering of the depositary shares is being made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, can be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov or by contacting D.A. Davidson & Co. at 8 Third Street North, Great Falls, MT 59401, or by emailing [email protected], or calling 1-800-332-5915; or by contacting ...