Business
MainStreet Bancshares, Inc. Announces Proposed Offering Of Series A Preferred Stock Depositary Shares
FAIRFAX, Va., Sept. 10, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the "Company") announced today that it has commenced an underwritten
About this update from Mainstreet Bancshares, Inc.
[{"type":"text","content":"FAIRFAX, Va., Sept. 10, 2020 /PRNewswire/ -- MainStreet Bancshares, Inc. (Nasdaq: MNSB) (the \"Company\") announced today that it has commenced an underwritten public offering (the \"Offering\") of depositary shares, each of which represents a 1/40th interest in a share of its Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share (equivalent to $25.00 per depositary share). The Company intends to grant the underwriters an option, exercisable in whole or in part for 30 days, to purchase additional depositary shares. The proposed Offering is subject to pricing, which has not occurred.\n\n \n \n \n \n \n \n\n \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 of the 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 will be issued 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 preliminary prospectus supplement, the final prospectus supplement (when available) 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 preliminary prospectus supplement, the final prospectus supplement (when available) and the accompanying prospectus related to the Offering may be obtained by contacting B. Riley Securities, Inc., Attn: Prospectus Department, by emailing [email protected], or by calling (703) 312–9580, and Boenning & Scattergood, by emailing [email protected], or by calling (610) 832–5225.\nNo Offer or Solicitation\nThis press release does not constitute an offer to sell, a solicitation of an offer to sell or the solicitation of an offer to buy any securities. There will be no sale of securities in any juri...