Company: PNBK
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001628280-25-040370
Chunk: 47

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 Common Stock. The amendments to Subordinated Note and Senior Notes allow for interest to be paid-in-kind, increasing the principal amount, while the Senior Notes amendment also extends the maturity date to April 15, 2028 and adjusts the interest rate in 2026. On May 13, 2025, two noteholders of the Senior Notes converted $1.90 million of the aggregate principal and interests of the Notes into 2,529,275 shares of Common Stock. On June 3, 2025, the Company entered into a Securities Purchase Agreement with accredited investors, facilitating a registered direct offering. The Company issued and sold 8,524,160 shares of its common stock, $0.01 par value per share, at a price of $1.25 per share. The net proceeds of the offering was approximately $10.47 million after estimated expenses. These transactions affect the weighted average number of shares outstanding.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

The following table summarizes the computation of basic and diluted loss per share for the three and six months ended June 30, 2025 and 2024, including the effects of the Private Placement.(Net loss in thousands)Three Months Ended June 30,Six Months Ended June 30,2025202420252024Basis loss per share:Net loss attributable to Common shareholders$(5,001)$(3,081)$(7,778)$(3,380)Divided by:Weighted average shares outstanding78,123,0953,976,07345,885,4683,976,073Basic loss per share of common stock$(0.06)$(0.77)$(0.17)$(0.85)Diluted loss per share:Net loss attributable to Common shareholders$(5,001)$(3,081)$(7,778)$(3,380)Weighted average shares outstanding78,123,0953,976,07345,885,4683,976,073Effect of potentially dilutive restricted shares of common stock— (1)— (2)— (3)— (4)Divided by:Weighted average diluted shares outstanding78,123,0953,976,07345,885,4683,976,073Diluted loss per share of common stock$(0.06)$(0.77)$(0