Agent Griffin Financial sells 2,173,913 common shares at $11.50 each
By Devika Patel
Knoxville, Tenn., June 2 – Howard Bancorp, Inc. said it completed a $25 million private placement of stock. Griffin Financial Group, LLC was the agent.
The company sold 2,173,913 common shares at $11.50 apiece, a 17.56% discount to the closing share price, $13.95, on June 1. The offering price is equal to the closing price of Howard’s stock on the day the offering began.
Proceeds will be used to acquire Patapsco Bancorp, Inc. and support growth.
The bank holding company is based in Ellicott City, Md.
| Issuer: | Howard Bancorp, Inc.
|
| Issue: | Common stock
|
| Amount: | $25 million
|
| Shares: | 2,173,913
|
| Price: | $11.50
|
| Warrants: | No
|
| Agent: | Griffin Financial Group, LLC
|
| Settlement date: | June 2
|
| Stock symbol: | Nasdaq: HBMD
|
| Stock price: | $13.95 at close June 1
|
| Market capitalization: | $58.18 million
|
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