(RTTNews) - Norwood Financial Corp (NWFL) announced the pricing of a public offering of 1 million shares of its common stock, $0.10 par value, at a public offering price of $26.00 per share, for aggregate gross proceeds of approximately $26 million.
In addition, the Company has granted the underwriters a 30-dayoption to purchase up to an additional 150,000 shares of common stock (the over-allotment option) at the public offering price, less underwriting discounts. If the over-allotment option is exercised in full by the underwriters, the aggregate gross proceeds to the Company would be approximately $30 million. The Company expects to close the offering, subject to customary conditions, on or about December 19, 2024.
Norwood expects to use the net proceeds from the offering for investment into its bank subsidiary to support its capital ratios in connection with the repositioning of a substantial portion of the Company's available-for-sale debt securities portfolio, and for general corporate purposes, repurchase of common stock and support acquisitions of other institutions or branches if opportunities for such transactions become available.
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