Company: PNBK
Filing Date: 2025-05-15
Form Type: S-3
Source: 0001437749-25-016950
Chunk: 10

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-15
Form: S-3
Chunk 10
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 of Common Stock outstanding as of the date of this prospectus because a portion of the Resale Shares is issuable upon the conversion of Series A Preferred Stock into shares of Common Stock. The sale of these securities in the public market, or the perception that holders of a large number of securities intend to sell their securities, could reduce the market price of our Common Stock.

We cannot predict if and when the Selling Securityholders may sell such Resale Shares in the public markets. In addition, in the future, we may issue additional shares of Common Stock or other securities convertible into shares of Common Stock. Any such issuance could result in substantial dilution to our existing shareholders, and the market price of our shares of Common Stock could decline if the holders of such shares sell them over time or are perceived by the market as intending to sell them.

Selling Securityholders were issued shares of Common Stock at a price per share that is below the current trading price of such shares and may experience a positive rate of return based on the current trading price.

Selling Securityholders purchased shares of Common Stock at $0.75 per share, or converted a portion of the Notes into shares of Common Stock at the conversion price of $0.75 per share. In addition, shares of Series A Preferred Stock were issued at the purchase price of $60 per share, and each share of Series A Preferred Stock is convertible into 80 shares of Common Stock at the pre-funded conversion price of $0.75 per share. On May 13, 2025, the last reported sale price of the Common Stock as reported on Nasdaq was $6.71 per share, and the Selling Securityholders may be incentivized to sell their securities when others are not.

Because we do not anticipate paying any cash dividends in the foreseeable future, capital appreciation, if any, would be your sole source of gain.

We currently anticipate that we will retain future earnings for the development, operation and expansion of our business and do not anticipate declaring or paying any cash dividends for the foreseeable future. As a result, capital appreciation, if any, of Common Stock would be your sole source of gain on an investment in such shares for the foreseeable future.

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USE OF PROCEEDS</div>

We will not receive any of the proceeds from the sale of the Resale Shares covered by this prospectus.

The Selling Securityholders will pay any underwriting fees, discounts, selling commissions, stock transfer taxes and certain legal expenses incurred by such Selling Securityholders in disposing of