Shareholders buy rights for 1,411,765 common shares at $4.25 per share
By Devika Patel
Knoxville, Tenn., May 5 - MBT Financial Corp. said it completed a $6 million rights offering, which was oversubscribed by 9.7%. The deal settled on May 2.
The company sold rights for 1,411,765 common shares at $4.25 per share, which is a 13.27% discount to the May 1 closing share price of $4.90.
Shareholders were able to subscribe for 0.0664 shares for each share held on March 7. In addition, each shareholder was entitled to an oversubscription privilege of up to three times their basic subscription right.
The bank holding company for Monroe Bank & Trust is based in Monroe, Mich.
| Issuer: | MBT Financial Corp.
|
| Issue: | Common stock
|
| Amount: | $6 million
|
| Shares: | 1,411,765
|
| Price: | $4.25
|
| Warrants: | No
|
| Settlement date: | May 2
|
| Stock symbol: | Nasdaq: MBTF
|
| Stock price: | $4.90 at close May 1
|
| Market capitalization: | $109.33 million
|
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