Shares of Five Star Bancorp (FSBC) are slipping over 7% on Thursday after the company priced a secondary offering of about 3.5 million shares at $21.75 a share.
FSBC is currently trading at $22.09, down $1.71 or 7.18%, on the Nasdaq. The stock opened its trading at $21.75 after closing Wednesday at $23.80. The stock has traded between $17.74 and $28.25 in the past 52-week period.
Five Star Bancorp, a holding company that operates Five Star Bank, said priced a previously announced public offering of 3.45 million common shares at a price of $21.75 per share. The expected proceeds are about $70.9 million.
The company intends to use the proceeds for general corporate purposes and to support its continued growth, including through investments in the Bank to pursue growth opportunities, and for working capital.
The company expects to close the offering on or about April 2, 2024.
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