Patriot National Bancorp Secures $5.5M via 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 agreed to sell 4.78 million shares at $1.15 per share plus warrants in a registered direct offering, raising approximately $5.5 million to fund its bank subsidiary and general corporate purposes.
Updates
· SEC 424B5 — The 424B5 prospectus supplement prices the offering at $1.15 per share for 4,782,608 voting shares and 956,522 warrants, with net proceeds of about $5.15 million.
Key Events · Financing and Capital Events · PNBK
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Registered Direct Offering
The company agreed to sell 4,782,608 shares of voting common stock at $1.15 per share, plus 956,522 five-year warrants exercisable at $1.25 per share.
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Proceeds and Use of Funds
Expected gross proceeds of approximately $5.5 million before $350,000 in offering expenses; at least two-thirds to be contributed to Patriot Bank NA within the first year.
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Warrant Terms
Warrants are exercisable six months after closing at $1.25 per share, expiring five years from issuance, subject to 9.99% ownership blockers and non-control conditions.
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No Placement Agent
No underwriter or placement agent participated in the offering, reducing transaction costs but also indicating direct investor solicitation.
Analysis · PNBK · Finance
On September 23, 2026, Patriot National Bancorp entered into a securities purchase agreement to sell 4,782,608 shares of voting common stock at $1.15 per share, along with 956,522 five-year warrants exercisable at $1.25 per share. Gross proceeds are expected to be approximately $5.5 million before $350,000 in offering expenses. Notably, the offering price of $1.15 represents a premium to the current market price of $0.922, suggesting investors are paying above the prevailing market rate. The company intends to use at least two-thirds of the proceeds to fund capital contributions to its bank subsidiary, Patriot Bank NA, with the remainder for general corporate purposes. This equity raise follows a $10 million subordinated notes placement disclosed the same day, indicating the company is actively shoring up capital. The warrants add potential future dilution if exercised, but the 9.99% ownership blocker and non-control conditions limit any single investor's voting power.
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.