Company: PNBK
Filing Date: 2025-05-27
Form Type: DEF 14A
Source: 0001140361-25-020413
Chunk: 47

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-27
Form: DEF 14A
Chunk 47
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 The purpose of the transaction; and |

| • | The time frame to complete the transaction - generally, within three months. |

The above requirements are referred to as the “Nasdaq Parameters.” Nasdaq Listing Rule 5635(b) requires shareholder approval prior to an issuance of securities that will result in a “change of control” of a listed company, which for Nasdaq purposes is generally deemed to occur when, as a result of an issuance, an investor or a group of investors acquires, or has the right to acquire, 20% or more of the outstanding equity or voting power of the company and such ownership or voting power would be the company’s largest ownership position. Nasdaq Parameters The potential issuance of common stock is subject to the following Nasdaq Parameters, which cannot be altered or changed in any manner:

| 1. | Maximum Number of Shares of Common Stock Issuable: |

60,000,000

| 2. | Maximum Dollar Amount of Issuance: |

$75,000,000

| 4. | Maximum Amount of Discount to the Market: |

The purchase price per share will be equal to, or greater than, $1.25 per share.

| 5. | Purpose of the Transaction: |

To provide the Company with additional working capital.

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| 6. | Time Frame to Complete the Potential Offering of Shares of Common Stock: |

Closing can be no later than September 26, 2025 (3 months after the Annual Meeting) If this Nasdaq Proposal is approved by the shareholders at the Annual Meeting and we issue additional shares of common stock under the Nasdaq Parameters, such issuances will not affect the rights of our existing shareholders, but such issuances will have a dilutive effect on our existing stockholders, including, over time, the voting power of the existing stockholders. THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE “FOR” THE NASDAQ PROPOSAL.

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PROPOSAL 5 - RATIFICATION OF AUDITORS PROPOSAL The Audit Committee has appointed RSM US LLP (“RSM”) as our independent registered public accounting firm to audit our financial statements for the fiscal year ending December 31, 2025 and to perform other appropriate accounting services. RSM has been engaged as our independent registered public accounting firm since May 16, 2017, and has no relationship with us other than that arising from their engagement as our independent registered public accounting firm. Although rat