Company sells 1,057,137 common shares at $9.75 per share through deal
By Devika Patel
Knoxville, Tenn., Aug. 25 – Summit Financial Group, Inc. negotiated a $10.31 million private placement of stock with Castle Creek Capital Partners V, LP on Aug. 22, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal will settle in two tranches.
The company will sell 1,057,137 common shares at $9.75 per share. The price per share is a 3.66% discount to the Aug. 21 closing share price of $10.12. It will sell 819,384 shares in the first tranche and 237,753 shares in the second tranche.
The placement is conditional upon the conversion of the company’s series 2009 8% non-cumulative convertible preferred stock and 8% series 2011 Non-cumulative convertible preferred stock into common shares. The company also plans a $2.5 million rights offering of 256,410 shares at the same per share.
Summit is a Moorefield, W.Va., financial holding company.
| Issuer: | Summit Financial Group, Inc.
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| Issue: | Common stock
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| Amount: | $10,307,086
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| Shares: | 1,057,137
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| Price: | $9.75
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| Warrants: | No
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| Investor: | Castle Creek Capital Partners V, LP
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| Pricing date: | Aug. 22
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| Stock symbol: | Nasdaq: SMMF
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| Stock price: | $10.12 at close Aug. 21
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| Market capitalization: | $74.57 million
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