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Coastal Financial Corporation Announces Proposed Public Offering of Common Stock
EVERETT, Wash., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (NASDAQ: CCB) (“Coastal” or the “Company”), the holding company for Coastal
About this update from Coastal Financial Corporation
[{"type":"text","content":"EVERETT, Wash., Dec. 10, 2024 (GLOBE NEWSWIRE) -- Coastal Financial Corporation (NASDAQ: CCB) (“Coastal” or the “Company”), the holding company for Coastal Community Bank (the “Bank”), today announced the launch of a proposed underwritten public offering of shares of its common stock, no par value. Coastal expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the number of shares of its Common Stock sold in this offering at the public offering price, less underwriting discounts and commissions. The Company intends to use the net proceeds from this offering for general corporate purposes, including, without limitation, supporting investment opportunities and the Bank’s growth. Keefe, Bruyette & Woods, a Stifel company, is serving as the lead bookrunning manager, Hovde Group, LLC is serving as a joint bookrunning manager and Raymond James & Associates, Inc. and Stephens Inc. are serving as co-managers for the proposed offering. The shares of common stock will be issued pursuant to an effective shelf registration statement on Form S-3 (File No. 333-279879) filed by Coastal with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on June 13, 2024. A preliminary prospectus supplement related to the offering has been filed with the SEC and a final prospectus supplement relating to this offering will be filed with the SEC. Prospective investors should read the preliminary prospectus supplement, the final prospectus supplement, when available, and other documents Coastal has filed with the SEC for more complete information about Coastal and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Copies of the preliminary prospectus supplement, the final prospectus supplement, when available, and the accompanying prospectus relating to this offering may be obtained by contacting Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, Fourth Floor, New York, NY 10019, attention: Equity Capital Markets, or by calling toll free at (800) 966-1559 or emailing [email protected]. This press release is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities, nor shall there be any offer, solicitation, or sale in any jurisdiction in which such an...