Company: PNBK
Filing Date: 2025-05-23
Form Type: 424B3
Source: 0001437749-25-018349
Chunk: 5

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-23
Form: 424B3
Chunk 5
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 of: (i) 60,400,106 shares of Common Stock, at a purchase price of $0.75 per share, and (ii) 90,832 shares of Series A Preferred Stock, with a liquidation preference of $60 per share, and convertible, in the aggregate, into 7,266,560 shares of Common Stock, pursuant to the terms set forth in the Certificate of Amendment of our Certificate of Incorporation, as amended, or the “Certificate of Amendment” filed with the Secretary of State of the State of Connecticut. Subject to the terms and limitations contained in the Certificate of Amendment, each share of Series A Preferred Stock issued in the Private Placement is convertible into 80 shares of Common Stock, at the pre-funded conversion price of $0.75 per share.

In connection with the Private Placement, concurrently with entering into the Purchase Agreements, we entered into registration rights agreements, or the “Registration Rights Agreements,” with the Selling Securityholders, pursuant to which we agreed to file a registration statement with the SEC registering the resale of the Shares, as well as Underlying Shares issuable upon the conversion of Series A Preferred Stock, issued to the Selling Securityholders in the Private Placement.

In addition, as part of the Private Placement, on March 20, 2025, our amendments of (i) 6.25% Fixed to Floating Subordinated Note due June 30, 2028, or the “Subordinated Note,” and (ii) 8.5% Fixed Rate Senior Notes Due 2026, or the “Senior Notes” and together with the Subordinated Note, the “Notes,” became effective and noteholders converted approximately $7.0 million of the aggregate principal amount of the Notes into 9,333,334 shares of Common Stock. The amendment to the Senior Notes, or the “Amendment,” also included the provision permitting any holder of Senior Notes to elect to voluntarily convert any amount of such noteholder’s remaining outstanding principal and/or interest into shares of Common Stock on the same terms as in the Private Placement. In May 2025, certain holders of the Senior Notes elected to convert a total of $1,896,956.92 of the aggregate principal and accrued unpaid interest due on the Senior Notes into 2,529,275 shares of Common Stock in compliance with the terms of the Amendment, and entered into the Purchase Agreement and Registration Rights Agreement with us.

No investor in the Private Placement has the right to become, directly or indirectly