Shareholders receive one subscription right for each common share held
By Devika Patel
Knoxville, Tenn., April 24 - Eastern Virginia Bankshares, Inc. will conduct a rights offering to raise up to $5 million, according to a Form S-1 filed Wednesday with the Securities and Exchange Commission.
The company will offer rights for up to 1,098,901 common shares at $4.55 apiece, a 23.14% discount to the closing share price of $5.92 on April 23. Investors will receive one subscription right for every common share held as of 5 p.m. ET on May 3.
Proceeds will be used for general corporate purposes.
The bank holding company is based in Tappahannock, Va.
| Issuer: | Eastern Virginia Bankshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $5 million
|
| Shares: | 1,098,901
|
| Price: | $4.55
|
| Warrants: | No
|
| Pricing date: | April 24
|
| Stock symbol: | Nasdaq: EVBS
|
| Stock price: | $5.92 at close April 23
|
| Market capitalization: | $35.58 million
|
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