Company sells 1,641,026 shares at $9.75 apiece through Sandler O'Neill
By Devika Patel
Knoxville, Tenn., June 26 - Avidbank Holdings, Inc. said it raised $16 million in a private placement of stock.
The company sold 1,641,026 common shares at $9.75 apiece. The price per share is a 2.99% discount to $10.05, the June 25 closing share price.
Sandler O'Neill + Partners, LP was the agent.
The parent company of Avidbank, a full-service commercial bank, is based in Palo Alto, Calif.
| Issuer: | Avidbank Holdings, Inc.
|
| Issue: | Common stock
|
| Amount: | $16 million
|
| Shares: | 1,641,026
|
| Price: | $9.75
|
| Warrants: | No
|
| Agent: | Sandler O'Neill + Partners, LP
|
| Announcement date: | June 26
|
| Stock symbol: | OTCBB: AVBH
|
| Stock price: | $10.05 at close June 25
|
| Market capitalization: | $26.75 million
|
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