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ChoiceOne Financial Services, Inc. Announces Pricing of Common Stock Offering
SPARTA, Mich., July 25, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ: COFS) ("ChoiceOne"), the parent company of ChoiceOne Bank, announced
About this update from Choiceone Financial Services, Inc.
[{"type":"text","content":"SPARTA, Mich., July 25, 2024 /PRNewswire/ -- ChoiceOne Financial Services, Inc. (NASDAQ: COFS) (\"ChoiceOne\"), the parent company of ChoiceOne Bank, announced today the pricing of an underwritten public offering of 1,200,000 shares of its common stock at a price to the public of $25.00 per share, for gross proceeds of approximately $30.0 million. The net proceeds to ChoiceOne, after deducting the underwriting discounts but before deducting the estimated offering expenses payable by ChoiceOne, are expected to be approximately $28.2 million. ChoiceOne has granted the underwriter a 30-day option to purchase up to an additional 180,000 shares of Company common stock to cover over-allotments at the public offering price, less the underwriting discount.\n\n \n \n \n \n \n \n\n \nD.A. Davison & Co. is acting as sole book-running manager for the offering.\nChoiceOne intends to use the net proceeds of this offering for general corporate purposes including supplementing regulatory capital ratios and in conjunction with its announced merger with Fentura Financial, Inc.\nChoiceOne expects to close the offering, subject to customary conditions, on or about July 26, 2024.\nAdditional Information Regarding the Offering\nA shelf registration statement, including a prospectus (File No. 333-272337), with respect to the offering was previously filed by ChoiceOne with the U.S. Securities and Exchange Commission (the \"SEC\") and was declared effective by the SEC on June 20, 2023. A preliminary prospectus supplement relating to and describing the terms of the offering was filed and is available on the SEC's website at www.sec.gov and ChoiceOne will file a final prospectus supplement relating and describing the terms of the offering. Before considering an investment, prospective investors should read the final prospectus supplement and the accompanying prospectus in the registration statement and other documents ChoiceOne has filed with the SEC for more complete information about ChoiceOne and the offering because they contain important information. Copies of these documents are available at no charge by visiting the SEC's website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may be obtained free of charge by visiting the SEC's website at www.sec.gov, or may be ...