Company: PNBK
Filing Date: 2025-05-16
Form Type: PRE 14A
Source: 0001140361-25-019517
Chunk: 44

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-16
Form: PRE 14A
Chunk 44
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 “Minimum Price” means a price that is the lower of: (A) the closing price (as reflected on Nasdaq.com) immediately preceding the signing of the binding agreement; or (B) the average closing price of common stock (as reflected on Nasdaq.com) for the five trading days immediately preceding the signing of the binding agreement. Shareholder approval of this proposal will constitute shareholder approval for purposes of Nasdaq Listing Rule 5635(d). Furthermore, since such shares of common stock have not been issued, Nasdaq will not consider approval by our shareholders of the Nasdaq Proposal sufficient for purposes of Nasdaq Rule 5635(d) unless we implement and disclose the following transaction parameters, which cannot be altered:

| • | The maximum number of shares to be issued; |

| • | The maximum dollar amount of the issuance; |

| • | The maximum amount of discount to the market; |

| • | 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 [•], 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