- CNB Financial Corporation ( NASDAQ: CCNE ), the parent company of CNB Bank announced the pricing of its underwritten public offering of 3,702,127 shares of its common stock at a public offering price of $23.50/share, resulting in gross proceeds of approximately $87M.
- The net proceeds to the company after deducting the underwriting discount and estimated offering expenses are expected to be approximately $81.7M.
- The company intends to use the net proceeds from the offering for general corporate purposes, which may include working capital and the funding of organic growth or potential acquisitions.
- The underwriters have been given a 30-day option to purchase an aggregate of up to an additional 555,319 shares of common stock.
- Shares are trading down 7.90% premarket
For further details see:
CNB Financial declines on pricing of $87M public offering of common stock