Patriot National Bancorp jumps after $10.7 million direct stock deal

Patriot National Bancorp

04/06/2025 18:43

** Community bank Patriot National Bancorp's PNBK.O shares jump as much as 23.1%; last up 12.8% at $1.32

** PNBK early Wednesday said it entered agreement to sell ~8.5 million shares to certain investors at $1.25 apiece for ~$10.7 million gross proceeds in a registered direct offering

** Stock closed down 18.2% at $1.17 on Tuesday

** PNBK set to snap seven-session losing streak if gains hold

** Bank will have 84.78 million outstanding shares after the offering, according to SEC filing

** In January, PNBK was designated by Office of the Comptroller of the Currency to be in "troubled condition"

** PNBK in March had secured over $50 million in private placement

** As of last close, PNBK stock down 39.7 YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))