Patriot National Bancorp, Inc. has entered into a securities purchase agreement dated September 23, 2026, with certain accredited investors. The agreement outlines a registered direct offering intended to raise capital for the company.
Under the terms of the agreement, the company agreed to sell an aggregate of 4,782,608 shares of its voting common stock. Additionally, the company will issue 956,522 five-year warrants. These warrants allow the holders to purchase shares of the company's non-voting common stock, which may be exchanged for voting common stock under specific conditions.
The common stock is priced at $1.15 per share. For every five shares of common stock purchased, one warrant is issued. The warrants become exercisable no earlier than six months after the closing of the offering. The exercise price for the warrants is set at $1.25 per warrant share.
Prior to deducting estimated offering expenses, the company expects to receive approximately $5.5 million in proceeds. Estimated offering expenses are projected to be $350,000.
The company intends to use the net proceeds from this offering to invest capital into its wholly-owned bank subsidiary, Patriot Bank NA. The funds will also be used for general corporate purposes, which may include capital expenditures, working capital, interest payments, and general or administrative expenses.
The offering is being conducted pursuant to a prospectus supplement dated September 24, 2026, and an accompanying base prospectus that is part of a registration statement on Form S-3 filed with the SEC. No underwriter or placement agent is participating in the transaction.
