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MainStreet Bancshares, Inc. Announces Pricing Of Offering Of Series A Preferred Stock Depositary Shares
FAIRFAX, Va., Sept. 10, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the "Company") announced the pricing of its underwritten public
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., Sept. 10, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the \"Company\") announced the pricing of its underwritten public offering (the \"Offering\") of 1,000,000 depositary shares, each of which represents a 1/40th interest in a share of its 7.50% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share), for gross proceeds of $25.0 million. Net proceeds to the Company, after deducting the underwriting discount but before deducting estimated offering expenses and fees payable by the Company, are expected to be $24.2 million. The Company has granted the underwriters an option to purchase up to an additional 150,000 depositary shares at the public offering price, less the underwriting discounts and commissions.\n\n \n \n \n \n \n \n\n \nThe Company expects to close the Offering, subject to customary conditions, on or about September 15, 2020. We have filed an application to list the depositary shares on the Nasdaq Capital Market (\"Nasdaq\") under the symbol \"MNSBP\". If the application is approved, trading of the depositary shares on Nasdaq is expected to begin within 30 days after the closing date.\nB. Riley FBR, Boenning & Scattergood, D.A. Davidson & Co. and Janney Montgomery Scott are serving as joint book-running managers for the Offering. \nThe Company intends to use the net proceeds from this Offering for general corporate purposes, which may include repurchases of outstanding common stock, working capital and the funding of organic growth of MainStreet Bank, or potential acquisitions.\nThe depositary shares are being offered pursuant to an effective shelf registration statement (File No. 333-241000) the Company filed with the Securities and Exchange Commission (the \"SEC\"), which became effective on August 24, 2020, and only by means of a prospectus supplement and accompanying prospectus. Prospective investors should read the final prospectus supplement and the accompanying prospectus and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. Copies of these documents are available at no charge by visiting the SEC's website at www.sec.gov. Copies of the prospectus supplement and the accompanying prospectus related to the Offering may be ob...