Company: FGBI
Filing Date: 2025-07-07
Form Type: 8-K
Source: 0001408534-25-000051
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Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-07-07
Form: 8-K
Item: Item 3.02
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Item 3.02

Unregistered Sales of Equity Securities

On June 30, 2025, First Guaranty Bancshares, Inc. (“ First Guaranty” or the “ Company”) issued an aggregate of 2,201,448 shares of its common stock pursuant to: (1) a private placement, (2) the terms of that certain Exchange Agreement, dated as of June 16, 2025, between the Company and Edgar Ray Smith, III (the “ Exchange Agreement”), (3) that certain First Amendment to the Promissory Note, dated as of June 4, 2025, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investment, L. L. C. (the “ Promissory Note Amendment”), and (4) that certain First Amendment to the First Guaranty Bancshares, Inc. Floating Rate Subordinated Note due March 28, 2034, dated as of June 4, 2025, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investment, L. L. C. (the “ Subordinated Note Amendment”).

Private Placement

First Guaranty sold 131,460 shares of its common stock in a private placement at a price of $8.10 per share. There were no underwriting discounts or commissions paid in connection with the private placement of shares. The offer and sale of the common stock was made in reliance upon an exemption from the registration provisions of the Securities Act of 1933, as amended (the “ Securities Act”), pursuant to Section 4(2) and/or Regulation D thereunder. All participants in the private placement were “accredited investors” as defined in Rule 501(a) of Regulation D. The proceeds from the private placement will be used for general corporate purposes.

Exchange Agreement

Pursuant to the Exchange Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K, First Guaranty issued 1,981,506 shares of common stock in exchange for that certain Floating Rate Subordinated Note due June 21, 2032 (the “2032 Note”), in the principal amount of $15,000,000, currently held by Edgar Ray Smith, III, a director and significant shareholder of First Guaranty. The shares were issued in exchange for the 2032 Note and the payment of interest thereon (the “ Exchange”). There were no underwriting discounts or commissions