Company: PNBK
Filing Date: 2025-02-21
Form Type: 8-K
Source: 0001628280-25-007070
Chunk: 2

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-02-21
Form: 8-K
Item: Item 7.01
Chunk 2
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Item 7.01

Regulation FD Disclosure.

The Company has previously announced an evaluation process to consider its strategic alternatives, including a capital raise, sale or merger. The Company has received non-binding term sheets from investors seeking to purchase shares of common stock and preferred stock for an aggregate purchase price of approximately $60 million at the per share purchase price of the lower of $0.75 per share or the NASDAQ closing price on the day immediately preceding the signing of the definitive agreements (the “ Proposed Transaction”). The Company is in the process of negotiating the Proposed Transaction, and there is no assurance that the Proposed Transaction will occur or, if undertaken, what the final form, terms or timing of such a transaction will be. If the Proposed Transaction is completed, the Company intends to use the net proceeds to: (i) invest additional capital into its subsidiary Patriot Bank, N. A. (the “ Bank”) so that the Bank returns to well-capitalized status and has sufficient capital for stability and growth; (ii) make scheduled interest payments prior to the expiration of the grace period on the Notes pursuant to the Amendment; and (iii) provide the Company with additional capital to, among other things, maintain cash reserves for future debt payments.

The securities that the Company intends to offer and sell in the Proposed Transaction will not be registered under the Securities Act, or any state securities laws and may not be offered or sold without registration under, or an applicable exemption from the registration requirements of, the Securities Act. This Current Report on Form 8-K is neither an offer to sell nor the solicitation of an offer to buy these securities or any other securities of the Company, and no offer, solicitation or sale will be made in any jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale is unlawful. Any offers of these securities will be made only by means of applicable disclosure documents.

The information contained in this Item 7.01 of the Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as otherwise expressly stated in such filing.

Forward-Looking Statements

This Current Report on Form 8-K includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s plans, objectives,