Company: FMFG
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001437749-25-018314
Chunk: 17

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-23
Form: S-1
Chunk 17
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, including fractional shares computed to three decimal places, equal to the total amount to be reinvested divided by the applicable purchase price.

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| 10. | When and at what price will shares of common stock be purchased under the Plan? |

Shares of common stock will be purchased with reinvested dividends under the Plan on the first business day following the applicable dividend payment date for that dividend. No interest will be paid on funds held under the Plan.

The purchase price of shares sold under the Plan will be equal to the fair market value of a share of common stock as determined by our board of directors, less any discount set by our board of directors in its sole discretion. If our shares are traded on a securities exchange or in the over-the-counter market, then the fair market value for this purpose will be the weighted average closing sales price of the common stock for the 10 trading days preceding the date on which that dividend is declared as reported through the securities exchange or the over-the-counter market (or, if no sales were reported during such 10 trading day period, the most recently-reported closing sales price). If the common stock is not then traded on a securities exchange or in the over-the-counter market, then the fair market value of a share as of the applicable dividend declaration date will be determined by our board of directors in good faith.

Our common stock is not currently traded on a securities exchange. Certain broker-dealers make a market in the common stock by trading shares in the over-the-counter market, and price quotations are currently available through the OTC Markets Group Inc.’s OTC Pink Market under the symbol “FMFG”. Prices reported through the OTC Pink Market do not include retail mark-ups, markdowns, or commissions, and may not necessarily represent actual transactions. Effective July 1, 2025, the OTC Pink Market will be terminated and price quotations for our common stock will be available through the OTC Market Group Inc.’s OTCID Basic Market. Historically, these over-the-counter market transactions have been sporadic and the volume of shares traded has been relatively small. We cannot predict whether or the extent to which any market for the common stock will develop in the future. It should be noted that many transactions in the common stock are privately-negotiated and not reported through the OTC Pink Market. Thus, the prices reported through the OTC Pink Market, and, on and after July 1, 2025, the OTCID Basic