Patriot National to merge with American Challenger, shares jump

Patriot National Bancorp

15/11/2021 20:55

** Shares of Patriot National Bancorp Inc  PNBK.O  jump
~47.7% to more than 2-1/2-year high of $14.84     
    ** PNBK to merge with American Challenger Development
CorpDeal in a deal valued at about $119 mln  urn:newsml:reuters.com:*:nGNXbXXyYz
    ** American Challenger shareholders will own about 13.8% of
the combined company while PNBK shareholders will own about 8.2%
following the deal, which is expected to close in Q1 2022 
    ** Raymond Quinlan, CEO of American Challenger, will lead
the combined company 
    ** Shares up ~49% YTD

 (Reporting by Sohini Podder in Bengaluru)
 ((sohini.podder@thomsonreuters.com))