Company: PNBK
Filing Date: 2025-06-04
Form Type: 8-K
Source: 0001437749-25-019363
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Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-06-04
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 securities purchase agreement (the “ Securities Purchase Agreement”), dated as of June 3, 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 8,524,160 shares (the “ Shares”) of the Company’s common stock, $0.01 par value per share. The Shares will be sold to the Investors at a price per share of $1.25 per Share. The net proceeds from the Offering, after deducting estimated offering expenses, are expected to be approximately $10.47million.

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

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

The Shares are being offered and sold pursuant to a prospectus supplement dated June 4, 2025 and an accompanying base prospectus that form a part of the registration statement on Form S-3 filed with the U. S. Securities and Exchange Commission, which became effective on May 22, 2025 (File No. 333-287283). The closing of the Offering is expected to take place on or about June 5, 2025, subject to the satisfaction of customary closing conditions.

The foregoing description of the Securities Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of this document, a copy of which is attached to this Current Report on Form 8-K asExhibit 10.1, and incorporated by reference herein. A copy of the opinion of Robinson & Cole LLP, relating to the Shares is attached asExhibit 5.1to this Current Report on Form 8-K.