Shareholders to receive one right for every four common shares owned
By Devika Patel
Knoxville, Tenn., June 26 – Highlands Bankshares Inc. plans a rights offering to raise up to $3.73 million, according to a prospectus filed Thursday with the Securities and Exchange Commission. The shares are being offered via agent Registrar and Transfer Co.
The company will offer rights for up to 1,064,652 common shares at $3.50 apiece, an 85.42% discount to the closing share price of $24.00 on June 25. Shareholders will receive one subscription right for every four common shares owned on the record date of April 15.
Settlement is expected Aug. 4.
Proceeds will be used for general corporate purposes.
The bank holding company is based in Abingdon, Va.
| Issuer: | Highlands Bankshares Inc.
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| Issue: | Common stock
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| Amount: | $3,726,282
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| Shares: | 1,064,652
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| Price: | $3.50
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| Warrants: | No
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| Agent: | Registrar ad Transfer Co.
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| Pricing date: | June 26
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| Settlement date: | Aug. 4
|
| Stock symbol: | OTCBB: HBSI
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| Stock price: | $24.00 at close June 25
|
| Market capitalization: | $32.06 million
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