Shares of VersaBank (VBNK) slipped over 8% on Tuesday morning after the company priced a public offering of 5.6 million shares below market price.
VBNK is currently trading at $13.56, down $1.26 or 8.50%, on the Nasdaq. The stock opened its trading at $13.27 after closing Monday at $14.82. The stock has traded between $9.48 and $18.38 in the past 52-week period.
VersaBank announced the pricing of its previously announced public offering of 5.66 million shares at a price to the public of $13.25 per share. The gross proceeds from the Offering are expected to be $75 million.
The Bank expects that the net proceeds from the offering will be used for general banking purposes and will qualify as Common Equity Tier 1 capital for the Bank.
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