SEC Filing Document

Company: Forbright, Inc.
Ticker: 
CIK: 1925062
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-08
Accession Number: 0001628279-26-000459
Exchange: 
SIC Code: 6022
SIC Description: State Commercial Banks
URL: https://www.sec.gov/Archives/edgar/data/1925062/000162827926000459/filename1.htm

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Data and Other Information,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and accompanying notes included elsewhere in this prospectus. Actual As Adjusted (1) (dollars in thousands) Cash and cash equivalents $ $ Liabilities: Non-interest-bearing deposits Interest-bearing deposits Total deposits Subordinated debt, net Other borrowings Total borrowed funds Other liabilities Total liabilities Stockholders’ Equity: Preferred stock, $ par value per share, shares authorized, no shares issued and outstanding, actual; shares authorized, no shares issued and outstanding, as adjusted Class A common stock, $0.001 par value per share, no shares authorized, issued and outstanding, actual; shares authorized and shares issued and outstanding as adjusted Class B common stock, $0.001 par value per share, shares authorized, issued and outstanding, actual; shares authorized and shares issued and outstanding, as adjusted Additional paid-in capital Retained earnings Accumulated other comprehensive income Total stockholders’ equity Total capitalization $ $

(1)A $1.00 increase (decrease) in the assumed initial public offering price of $          per share, which is the midpoint of the estimated initial public offering price range we show on the cover of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, additional paid-in capital, total stockholders’ equity and total capitalization by approximately $          million each, assuming that the number of shares offered by us, which we show on the cover of this prospectus, remains the same and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We may also increase or decrease the number of shares of Class A common stock we are offering. Each increase (decrease) of 1,000,000 shares of Class A common stock at the assumed initial public offering price of $          per share, which is the midpoint of the estimated initial public offering price range we show on the cover of this prospectus, would increase (decrease) the as adjusted amount of each of cash and cash equivalents, additional paid-in

capital, total stockholders’ equity and total capitalization by approximately $          million each, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.

DILUTION

If you invest in our Class A common stock in this offering, you will experience immediate and substantial dilution in the net tangible book value per share of our Class A common stock upon the completion of this offering.

Our net tangible book value as of           , 2026, was approximately $      million, or approximately $      per share. Our net tangible book value per share is determined by dividing our net tangible book value (tangible assets less total liabilities) by the total number of shares of common stock outstanding immediately prior to the closing of this offering, including shares of both our Class A common stock and Class B common stock. Our as adjusted net tangible book value per share of common stock represents our as adjusted net tangible book value, after giving further effect to our issuance and sale of Class A common stock in this offering, divided by the number of shares of common stock outstanding immediately after giving effect to the closing of this offering.

After giving effect to our sale of            shares of Class A common stock and the selling stockholders’ sale of            shares of Class A common stock in this offering at an assumed initial public offering price of $            per share (the midpoint of the price range set forth on the cover page of this prospectus), and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net tangible book value as of           , 2026, would have been approximately $          million, or approximately $          per share. This represents an immediate increase in the net tangible book value of $          per share to existing stockholders and an immediate dilution (i.e., the difference between this offering price and the as adjusted net tangible book value after this offering) to new investors participating in this offering of $          per share, which includes the number of shares of Class A common stock underlying the total number of shares of Class B common stock outstanding.

The following table illustrates the per share dilution to new investors participating in this offering:

Assumed initial public offering price per share $

Net tangible book value per share as of            , 2026	$

Increase per share attributable to new investors in this offering

As adjusted net tangible book value per share

Dilution per share to new investors in this offering (1) $

(1)Dilution is determined by subtracting as adjusted net tangible book value per share from the initial public offering price paid by a new investor.

The following table summarizes on an as adjusted basis as of           , 2026, the total number of shares of Class A common stock owned by our existing stockholders and to be owned by the new investors in this offering, the total consideration paid, and the average price per share, which includes the number of shares of Class A common stock underlying the total number of shares of Class B common stock outstanding, paid by our existing stockholders and to be paid by the new investors in this offering at the assumed initial public offering price of $           per share, the midpoint of the price range set forth on the cover page of this prospectus, calculated before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us:

Shares Purchased Total Consideration Average Price Per Share
Number Percentage Amount Percentage

Our existing stockholders % $ % $

New investors in this offering % $ % $

Total % $ % $

A $1.00 increase (decrease) in the assumed initial public offering price of $           per share, which is the midpoint of the price range set forth on the cover page of this prospectus, would increase (decrease) our as adjusted net tangible book value as of           , 2026, by approximately $          million, or $          per share, and the dilution in as adjusted net tangible book value per share to new investors in this offering by $          per share, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Similarly, each increase (decrease) of 1,000,000 shares in the number of shares of Class A common stock offered by us would increase (decrease) our as adjusted net tangible book value as of           , 2026, by approximately $          million, or $          per share, and the dilution in as adjusted net tangible book value per share to new investors in this offering by $          per share, assuming that the assumed initial public offering price remains the same, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.

Sales by the selling stockholders in this offering will cause the number of shares held by our existing stockholders before this offering to be reduced to            shares, or           % of the total number of shares of our common stock outstanding immediately following the completion of this offering, and will increase the number of shares held by new investors in this offering to            shares, or           % of the total number of shares of our common stock outstanding immediately following the completion of this offering (assuming that none of the shares of Class A common stock sold in this offering are purchased by our existing stockholders and including the number of shares of Class A common stock underlying our total number of shares of Class B common stock outstanding).

If the underwriters’ option to purchase additional shares of our Class A common stock is exercised in full, our existing stockholders would own           % of the total number of shares of our common stock outstanding and our new investors would own           % of the total number of shares of our common stock outstanding (assuming that none of the shares of Class A common stock sold in this offering are purchased by our existing stockholders and including the number of shares of Class A common stock underlying our total number of shares of Class B common stock outstanding).

To the extent that we issue additional shares of Class A common stock in the future, including if options are exercised or new awards are issued under the 2026 Plan (in each case with an exercise or purchase price that is less than the price per share of our Class A common stock paid by new investors in this offering), new investors in this offering will experience further dilution.

We will not receive any proceeds from the sale of shares of Class A common stock by the selling stockholders in this offering. Accordingly, there will be no dilutive impact as a result of such sales.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATION AND FINANCIAL CONDITION