Patriot National Bancorp Announces Completion of $10M Registered Direct Offering

Core Viewpoint - Patriot National Bancorp, Inc. has successfully completed a registered direct offering of 8,524,160 shares at a price of $1.25 per share, raising gross proceeds of $10,655,200, which strengthens the bank's capital base and enhances its strategic objectives [1][3]. Group 1: Offering Details - The registered direct offering follows a previous private placement on March 20, 2025, which raised over $50 million from accredited investors [2]. - The shares were offered under a shelf registration statement on Form S-3, effective since May 22, 2025 [3]. Group 2: Management Commentary - Steven Sugarman, President of Patriot National Bancorp, expressed satisfaction with the strong investor interest and emphasized the importance of the offering in reinforcing the bank's balance sheet and operational flexibility [3]. Group 3: Advisory and Legal Counsel - Performance Trust Capital Partners, LLC acted as the capital markets adviser, while Blank Rome LLP and Robinson & Cole LLP served as legal counsel for the company [4].