Five Star Bancorp Announces Pricing Of $70.9M Offering Of 3.45M Shares Of Common Stock At A Price Of $21.75 Per Share
Portfolio Pulse from Benzinga Newsdesk
Five Star Bancorp (NASDAQ:FSBC) announced the pricing of its underwritten public offering of 3.45 million shares at $21.75 each, expecting to raise approximately $70.9 million. The proceeds are intended for general corporate purposes and to support growth, including investments in Five Star Bank. The offering, managed by Keefe, Bruyette & Woods, Stephens Inc., and D.A. Davidson & Co., is expected to close around April 2, 2024.
March 28, 2024 | 1:08 pm
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Five Star Bancorp announces a public offering of 3.45M shares at $21.75, aiming to raise $70.9M for growth and corporate purposes, with closing expected by April 2, 2024.
The announcement of a new stock offering could have a neutral to slightly negative short-term impact on FSBC's stock price due to the dilution of existing shares. However, the intended use of the proceeds for growth and corporate purposes could be viewed positively by investors, balancing the potential impact. The confidence in this analysis is high due to the clear details provided about the offering and its purposes.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100