Chain Bridge Bancorp Inc.

11/01/2024 | Press release | Distributed by Public on 11/01/2024 10:06

Material Event Form 8 K

Item 8.01 Other Events
On October 7, 2024, Chain Bridge Bancorp, Inc. (the "Company") completed the sale of 1,850,000 shares of Class A common stock, par value $0.01 per share ("Class A Common Stock"), at a public offering price of $22.00 per share, in its initial public offering ("IPO"). Pursuant to the IPO, the Company entered into an Underwriting Agreement, dated October 3, 2024, with Piper Sandler & Co., Raymond James & Associates, Inc., and Hovde Group, LLC (the "Underwriters"), under which the Company granted the Underwriters a 30-day option to purchase up to an additional 277,500 shares of its Class A Common Stock (the "Overallotment Option").
On October 30, 2024, the Underwriters notified the Company of their determination to exercise the Overallotment Option in part, purchasing an additional 142,897 shares of Class A Common Stock, at the public offering price less underwriting discounts and commissions, or $20.46 per share. The Underwriters designated November 1, 2024, as the closing date. Upon closing, the sale generated net proceeds to the Company of approximately $2.9 million, after deducting underwriting discounts and commissions and estimated offering expenses. Following this partial exercise, the Company has issued and sold a total of 1,992,897 shares of Class A Common Stock in connection with the IPO.
The net proceeds received by the Company from the IPO, including the proceeds from this partial exercise of the Overallotment Option and after deducting underwriting discounts and commissions and estimated offering expenses, totaled approximately $36.5 million. As reported in the Company's Form 8-K filed on October 29, 2024, which included its third-quarter 2024 earnings release, the Company used a portion of the net proceeds on October 10, 2024, to fully repay the outstanding principal balance of $10.0 million on its unsecured revolving line of credit with a correspondent bank. The Company intends to use the remaining net proceeds for general corporate purposes, which may include supporting continued organic deposit growth and funding potential strategic expansion.