Patriot National Bancorp Prices $5.5M Registered Direct Offering at $1.15/Share
PNBK is trading near its 52-week low of $0.863 (6.9% above the low) on light trading volume (0.2× avg).
Summary
Patriot National Bancorp priced a $5.5 million registered direct offering at $1.15 per share, a premium to its $0.94 last sale price, with warrants exercisable at $1.25. Net proceeds of $5.15 million will fund general corporate purposes.
Key Events · Financing and Capital Events · PNBK
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Registered Direct Offering Priced
4,782,608 shares of Voting Common Stock offered at $1.15 per share for gross proceeds of $5,499,999.20, a 22% premium to the $0.94 last reported sale price on September 23, 2026.
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Warrants Included
956,522 five-year warrants issued at a ratio of one warrant per five shares purchased, exercisable at $1.25 per share after six months, potentially adding $1.2 million in proceeds if fully exercised.
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Net Proceeds and Use
Net proceeds of approximately $5.15 million after $350,000 in offering expenses, earmarked for general corporate purposes including capital expenditures, working capital, and debt repayment.
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Capital Raise Follows Recent Financing
This offering comes one day after a $10 million private placement of 8.5% subordinated notes on September 23, 2026, and follows Q2 2026 disclosure of an unremediated material weakness and $5.5 million credit card receivable write-down.
Analysis · PNBK · Finance
Patriot National Bancorp is raising approximately $5.15 million in net proceeds through a registered direct offering of 4.78 million shares at $1.15 per share, a 22% premium to the $0.94 last reported sale price on September 23, 2026. The deal also includes 956,522 five-year warrants exercisable at $1.25 per share, which could add another $1.2 million if fully exercised. This capital raise comes just one day after the company raised $10 million through a private placement of subordinated notes, suggesting an active effort to shore up capital following the Q2 2026 disclosure of an unremediated material weakness and a $5.5 million credit card receivable write-down. The premium pricing is notable for a bank trading below $1.00, indicating investors were willing to pay above market for the shares.
How filings like this one have moved
In the 30 days to Oct 2, 2026, 29.6% of the 1645 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PNBK was trading at $0.92 on NASDAQ in the Finance sector, with a market capitalization of approximately $109.8M. The 52-week trading range was $0.86 to $2.00. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.