Company: PNBK
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001437749-25-028159
Chunk: 0

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-09-02
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

Patriot National Bancorp, Inc. (the “ Company”) entered into a stock purchase agreement and a separate warrant purchase agreement (collectively, the “ Purchase Agreements”), both dated as of August 29, 2025, with certain accredited investors named therein (the “ Investors”), pursuant to which the Company agreed to issue and sell, in a registered direct offering by the Company directly to the Investors (the “ Offering”), an aggregate of 31,985,103 shares of the Company’s common stock, $0.01 par value per share (the “ Shares” or the “ Common Stock”). The Shares consist of (a) 19,196,000 shares of the Company’s voting Common Stock (“ Voting Common Stock”), and (b) 12,789,103 shares of the Company’s non-voting Common Stock (the “ Non-Voting Common Stock”) that will be issuable six months after closing of the Offering upon exercise of three-year warrants (the “ Warrants”). Upon such Warrant holders or their assignees meeting certain conditions (the “ Non-Control Conditions”) described in the warrant purchase agreement and the prospectus supplement below, the Non-Voting Common Stock may be exchanged for shares of Voting Common Stock (such Non-Voting Common Stock or Voting Common Stock, the “ Warrant Shares”). The Shares, the Warrants and the underlying Warrant Shares are collectively referred to as the “ Securities.” The Shares will be sold to the Investors at a price per share of $1.25 per Share and the Warrants will be sold to Investors at a price of $0.125 per Warrant Share. The Warrants are exercisable no earlier than six months after the closing of the Offering at an exercise price of $1.56 per Warrant Share, subject to increase to as much as $1.685 per Warrant Share under certain conditions described in the Warrant Purchase Agreement. The proceeds from the Offering, prior to deducting the estimated offering expenses, are expected to be approximately $25.6 million. Estimated offering expenses are $250,000.

The Company intends to use the proceeds of this Offering for general corporate purposes, which may include capital expenditures, working capital, debt repayment, and/or general and administrative expenses.

The Purchase Agreements contain customary representations, warranties and agreements by the Company, and customary conditions to closing. No underwriter or placement agent participated in the Offering.

The Shares and Warrants are being offered and sold