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Bridgewater Bancshares, Inc. Announces Exercise and Closing of Over-Allotment for Depositary Shares Offering
ST. LOUIS PARK, Minn.--(BUSINESS WIRE)-- Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced that the
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 that the underwriters of its 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), have exercised in full their option to purchase 360,000 additional depositary shares to cover over-allotments. The additional shares were delivered to the underwriters on August 20, 2021.\n\nAs a result of the transaction, the gross proceeds to Bridgewater from the offering were $69.0 million, with net proceeds of $66.5 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\nThe depositary shares began trading on the Nasdaq Capital Market on August 18, 2021 under the symbol “BWBBP”.\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 Performance Trust Capital Partners, LLC at 500 W. Madison Ave, Suite 450, Chicago IL 60661, or by emailing [email protected], or by calling (312) 521-1638.\n\nAbout Bridg...