Norwood Financial Corp (NWFL) has announced the pricing for a public offering of 1 million shares of its common stock, each with a par value of $0.10, at $26.00 per share. This offering is expected to generate gross proceeds of approximately $26 million.
Additionally, Norwood Financial has provided underwriters with a 30-day option to purchase up to an extra 150,000 shares of common stock at the original offering price, minus any underwriting discounts. Should the underwriters fully exercise this over-allotment option, the total gross proceeds could reach approximately $30 million. The company anticipates that the offering will close, subject to standard conditions, on or about December 19, 2024.
The net proceeds from this offering are intended for investment in the company's bank subsidiary, aiming to strengthen its capital ratios while adjusting a significant portion of its available-for-sale debt securities portfolio. Furthermore, funds may be allocated for general corporate purposes, including the repurchase of common stock, and to support acquisitions of other institutions or branches if suitable opportunities emerge.
The material has been provided by InstaForex Company - www.instaforex.com
Additionally, Norwood Financial has provided underwriters with a 30-day option to purchase up to an extra 150,000 shares of common stock at the original offering price, minus any underwriting discounts. Should the underwriters fully exercise this over-allotment option, the total gross proceeds could reach approximately $30 million. The company anticipates that the offering will close, subject to standard conditions, on or about December 19, 2024.
The net proceeds from this offering are intended for investment in the company's bank subsidiary, aiming to strengthen its capital ratios while adjusting a significant portion of its available-for-sale debt securities portfolio. Furthermore, funds may be allocated for general corporate purposes, including the repurchase of common stock, and to support acquisitions of other institutions or branches if suitable opportunities emerge.
The material has been provided by InstaForex Company - www.instaforex.com