By Devika Patel
Knoxville, Tenn., June 1 - Palmetto Bancshares, Inc. arranged a $100 million private placement of stock on May 25, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company will sell common shares at $2.60 per share. CapGen Capital Group V LP has committed to invest $55 million.
The company has agreed to appoint a designee of CapGen to its board of directors. Also, the investors will have preemptive rights regarding future public or private equity offerings.
Palmetto Bancshares is the holding company for the Palmetto Bank in Laurens, S.C.
| Issuer: | Palmetto Bancshares, Inc.
|
| Issue: | Common stock
|
| Amount: | $100 million
|
| Price: | $2.60
|
| Warrants: | No
|
| Investor: | CapGen Capital Group V LP (for $55 million)
|
| Pricing date: | May 25
|
| Stock symbol: | Pink Sheets: PLMT
|
| Stock price: | $7.25 at close May 25
|
| Market capitalization: | $32.3 million
|
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