Four Oaks Bank & Trust (fka FOFN)

[56Chevy]

Four Oaks Fincorp, Inc. Announces Rights Offering

Date : 03/26/2014 @ 8:45AM
Source: Business Wire
Stock : Four Oaks Fincorp, Inc. (QB) (FOFN)
Quote : $2.14 0.04 (1.90%) @ 5:00PM

Four Oaks Fincorp, Inc. (OTCBB: FOFN) (the “Company”), the holding company for Four Oaks Bank & Trust Company (the “Bank”), today announced that the Company intends to conduct a rights offering of up to approximately $26.6 million (the “Rights Offering”).

In the Rights Offering, the Company will distribute, at no charge, non-transferable subscription rights to its shareholders as of a future record date. For each share of common stock, $1.00 par value per share (the “Common Stock”), held as of the record date, a shareholder will receive a non-transferable right to purchase three shares of Common Stock at a subscription price of $1.00 per share (the “Basic Subscription Privilege”). Shareholders who exercise their Basic Subscription Privilege in full will have the opportunity to subscribe for additional shares in the event that not all available shares are purchased pursuant to the Basic Subscription Privilege or by Kenneth R. Lehman pursuant to the Securities Purchase Agreement, dated March 24, 2014, subject to certain limitations.

Subject to review of the registration statement to be filed with the Securities and Exchange Commission, the Company intends to commence the Rights Offering during the second quarter of 2014.

http://ih.advfn.com/p.php?pid=nmona&article=61594939

*I missed this announcement by 9 days.

Marker: 4/4/2014
Four Oaks Fincorp, I (FOFN)
$2.14 up 0.04 (1.90%)
Volume: 6,445