No fixed offering price yet
And they mostly will use it to strenghten capital base it seems.
I am not in HAFC atm, but will put it back on watch if/when offering is done and look at chart again at that time.
Pricing above current price allways possible, but more often its not the case. Time will tell.
Financing was needed due to failure of Woori deal.
"8:30AM Hanmi Financial commences $75 mln common stock offering (HAFC) 1.05 : FBR Capital Markets & Co. will act as sole book-running manager. Company intends to contribute a substantial portion of the net proceeds from the offering to Hanmi Bank as additional capital and to support future organic and acquisition driven growth"
LOS ANGELES (AP) -- Hanmi Financial Corp. said Monday that it is offering $75 million of common stock for sale to the public with an eye to funding future acquisitions by its banking unit.
The company said a substantial portion of the net proceeds will go to Hanmi Bank as additional capital and for expansion, including through purchases. The remaining proceeds will be retained at the company level for working capital and other general corporate purposes.
The company expects to grant the underwriter a 30-day option to buy up to $11.25 million of additional common stock, solely to cover over-allotments, if any. FBR Capital Markets & Co. is sole book-running manager.
Shares of Los Angeles-based Hanmi fell 17 cents, or 16 percent, to 88 cents in morning trading.
That's near the 52-week low. The company's shares have traded between 86 cents and $1.85 in the past year.
Shares have traded above a dollar in recent months, but the company said on June 15 that a deal in which South Korea-based Woori Finance Holdings Co. would buy a controlling stake in it fell through. Woori had planned to spend about $240 million for the stake.
The two companies said they still plan to enter into a business alliance in which they would share personnel training, industry and economic information, and other cooperative efforts.
Hanmi Bank has 27 offices in Los Angeles and several counties in California, including Orange, San Bernardino, San Francisco, Santa Clara and San Diego. It has a loan office in Washington State. The bank specializes in commercial, small business administration and trade finance lending.
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