By Devika Patel
Knoxville, Tenn., Aug. 23 - Middlefield Banc Corp. priced a $30.6 million private placement of stock on Aug. 17, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell 1.7 million common shares at $18.00 apiece. The per-share price reflects a 2.86% premium to the Aug. 16 closing share price of $17.50.
Settlement is expected Oct. 31.
The Middlefield, Ohio, bank holding company will use the proceeds to reduce debt and support subsidiary bank capital.
| Issuer: | Middlefield Banc Corp.
|
| Issue: | Common stock
|
| Amount: | $30.6 million
|
| Shares: | 1.7 million
|
| Price: | $18.00
|
| Warrants: | No
|
| Pricing date: | Aug. 17
|
| Settlement date: | Oct. 31
|
| Stock symbol: | Pink Sheets: MBCN
|
| Stock price: | $17.50 at close Aug. 17
|
| Market capitalization: | $27.99 million
|
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