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Bridgewater Bancshares, Inc. Announces Offering of Depositary Shares
ST. LOUIS PARK, Minn.--(BUSINESS WIRE)-- Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced that it has
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 it has commenced an underwritten registered public offering of depositary shares, each representing a 1/100th ownership interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $2,500 per share (equivalent to $25.00 per depositary share). Bridgewater will also grant the underwriters a 30-day option to purchase additional depositary shares solely to cover over-allotments, if any. 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. Bridgewater intends to file an application to list the depositary shares on the Nasdaq Capital Market.\n\nD.A. Davidson & Co. is acting as the lead book-running manager and Performance Trust Capital Partners, LLC is acting as joint lead book-running manager for the proposed offering.\n\nAny offering of the depositary shares will be made solely pursuant to a prospectus supplement and accompanying prospectus filed as part of Bridgewater’s effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission (File No. 333-230533). Prospective investors should read the prospectus supplement and accompanying prospectus in the registration statement and other documents that Bridgewater has filed or will file with the SEC for more complete information about Bridgewater and the offering.\n\nThis announcement 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. Any offering of the depositary shares will be made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, may 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 prospectus...