Business
Hanover Bancorp, Inc. Announces Closing on Overallotment Option and Issuance of 191,250 Shares of Common Stock
MINEOLA, N.Y., June 06, 2022 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (Nasdaq: HNVR) (the "Company"), parent company of Hanover Community Bank, today
About this update from Hanover Bancorp, Inc.
[{"type":"text","content":"MINEOLA, N.Y., June 06, 2022 (GLOBE NEWSWIRE) -- Hanover Bancorp, Inc. (Nasdaq: HNVR) (the \"Company\"), parent company of Hanover Community Bank, today announced that the underwriters for its recently completed initial public offering had exercised their overallotment option to purchase an additional 191,250 shares of its common stock at a public offering price of $21.00 per share. The exercise of the overallotment option and the issuance of the additional shares is expected to result in gross additional proceeds to the Company of approximately $4.0 million. The net proceeds to the Company, after deducting the underwriting discount and estimated additional offering expenses, are expected to be approximately $3.8 million. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the \"SEC\") and was declared effective by the SEC on May 10, 2022. The offering has been made solely by means of the written prospectus forming a part of the effective registration statement. Copies of the final prospectus may be obtained from Stephens Inc., 111 Center Street, Little Rock, AR 72201, or by phone at 1-800-643-9691 or Piper Sandler & Co., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, or by phone at 1-800-747-3924, or by email at [email protected]. This press release shall not constitute an offer to sell nor the solicitation of an offer to buy, nor shall there be any sale of the common stock, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. The common stock purchased in the initial public offering will not be insured by the Federal Deposit Insurance Corporation or any other governmental agency. About Hanover Community Bank and Hanover Bancorp, Inc. Hanover Bancorp, Inc. (NASDAQ: HNVR), is a bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businessmen and women who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-a...