Company: PNBK
Filing Date: 2025-08-05
Form Type: 8-K
Source: 0001437749-25-024898
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Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-08-05
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

As previously disclosed in filings of Patriot National Bancorp, Inc. (the “ Company”), in connection with the Company’s $57.75 million private placement completed on March 20, 2025, its amendment to the 8.5% Fixed Rate Senior Notes Due 2026 (the “ Amended Senior Notes”), as filed as Exhibits 10.4 and 10.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, became effective. Pursuant to the Amended Senior Notes, the holders thereof may elect to voluntarily convert any amount of remaining outstanding principal and/or accrued interest on the Amended Senior Notes into shares of common stock of the Company, par value $0.01 per share (“ Common Stock”), at the conversion price of $0.75 per share.

On July 25, 2025, Unity Bancorp Inc. (“ Unity”) provided the Company with formal notice of its desire to convert 100% of its outstanding principal balance and accrued unpaid interest of its Amended Senior Note (the “ Unity Note”), in an aggregate amount of $2,005,026.88, into 2,673,369 shares of Common Stock at $0.75 per share (the “ Unity Transaction”). On July 26, 2025, American Bank Incorporated (“ AmBank”) provided the Company with formal notice of its desire to convert 100% of its outstanding principal balance and accrued unpaid interest of its Amended Senior Note (the “ AmBank Note”), in an aggregate amount of $803,443.34, into of 1,071,258 shares of Common Stock at $0.75 per share (the “ AmBank Transaction”).

On July 30, 2025, the board of directors of the Company (the “ Board”) approved the Unity Transaction and the AmBank Transaction, and the respective securities purchase agreements in connection therewith (each, the “ Unity SPA” and “ AmBank SPA”).

The foregoing description of the Unity SPA and AmBank SPA do not purport to be complete and are qualified in their entirety by reference to the full text of the Unity SPA and AmBank SPA, which are filed as Exhibit 10.1 and 10.2 to this Current Report on 8-K, respectively.

Item 3.02. Unregistered Sales of Equity Securities.