Patriot National Bancorp,
Inc. PNBK announced today that in accordance with its prior
announcement to effect a 1-for-10 reverse stock split of its common stock, the
Company anticipates the reverse stock split will be effective at the opening
of trading on March 4, 2015. As previously announced, the Board approved the
reverse stock split at a ratio of 1-for-10 earlier this month pursuant to
authorization by shareholders at a special meeting of shareholders on December
23, 2014.
When the reverse stock split becomes effective, every ten (10) shares of
common stock outstanding will automatically combine into one (1) new share of
common stock with no change in par value per share. This will reduce the
number of shares outstanding from approximately 39.5 million to approximately
3.95 million. The Company's common stock will continue to trade on the NASDAQ
Market under the symbol "PNBK." The new CUSIP number for the common stock
following the reverse stock split will be 70336F203.
No fractional shares will be issued in connection with the reverse stock
split. Stockholders who would otherwise hold a fractional share of Patriot
common stock will receive a cash payment from the proceeds of that sale in
lieu of such fractional share.
Holders of shares of common stock held in book-entry form or through a bank,
broker or other nominee do not need to take any action in connection with the
reverse split, and will see the impact of the reverse split automatically
reflected in their accounts. Beneficial holders may contact their bank, broker
or nominee for more information.
For those few shareholders who hold physical stock certificates, the Company's
transfer agent, Computershare, will send instructions for exchanging those
certificates for new certificates representing the post-split number of
shares. Computershare can be reached at 800-942-5909.
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