Four Oaks Fincorp, Inc. Sets Record Date for Rights Offering (6/16/14)
FOUR OAKS, N.C.--(BUSINESS WIRE)--Four Oaks Fincorp, Inc. (OTCBB:FOFN) (the “Company”), the holding company for Four Oaks Bank & Trust Company, today announced that it has set 5:00 p.m., Eastern Time, on Monday, June 16, 2014, as the record date (the “Record Date”) for the Company’s previously disclosed rights offering of up to approximately $26.6 million (the “Rights Offering”). The Company expects to commence the Rights Offering on or about Wednesday, June 18, 2014.
In the Rights Offering, the Company will distribute, at no charge, non-transferable subscription rights to its shareholders as of the 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.
You may obtain a written prospectus for the Rights Offering meeting the requirements of Section 10 of the Securities Act of 1933, as amended (the “Securities Act”), by writing to the Company, P.O. Box 309, Four Oaks, North Carolina 27524, Attention: Corporate Secretary. You may also obtain a copy of the Company’s filings with the Securities and Exchange Commission (the “SEC”) at www.sec.gov.
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