Company: PNBK
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001628280-25-025485
Chunk: 41

Company: PATRIOT NATIONAL BANCORP INC
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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i) 6.25% Fixed to Floating Subordinated Note due June 30, 2028 (the “Subordinated Note”), and (ii) 8.5% Fixed Rate Senior Notes Due 2026 (the “Senior Notes” and together with the Subordinated Note, the “Notes”) became effective and noteholders converted approximately $7.0 million of the aggregate principal amount of the Notes into 9,333,334 shares of Common Stock. The amendments to Subordinated Note and Senior Notes allow for interest to be paid-in-kind, increasing the principal amount, while the Senior Notes amendment also extends the maturity date to April 15, 2028 and adjusts the interest rate in 2026. These transactions affect the weighted average number of shares outstanding, as the additional shares of Common Stock were only outstanding from March 20, 2025 to March 31, 2025.

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Table of ContentsPATRIOT NATIONAL BANCORP, INC. AND SUBSIDIARIES Notes to Consolidated Financial Statements (Unaudited)

The following table summarizes the computation of basic and diluted loss per share for the three months ended March 31, 2025 and 2024, including the effects of the Private Placement.(Net loss in thousands)Three Months Ended March 31,20252024Basis loss per share:Net loss attributable to Common shareholders$(2,777)$(299)Divided by:Weighted average shares outstanding13,289,6443,976,073Basic loss per share of common stock$(0.21)$(0.08)Diluted loss per share:Net loss attributable to Common shareholders$(2,777)$(299)Weighted average shares outstanding13,289,6443,976,073Effect of potentially dilutive restricted shares of common stock— (1)— (2)Divided by:Weighted average diluted shares outstanding13,289,6443,976,073Diluted loss per share of common stock$(0.21)$(0.08)(1)The weighted average diluted shares outstanding does not include 112,771 anti-dilutive restricted shares of common stock for the three months ended March 31, 2025.(2)The weighted average diluted shares outstanding does not include 22,269 anti-dilutive restricted shares of common stock for the three months ended March 31, 2024.

Note 10.  Commitments and Contingencies

Financial Instruments with Off