FAIRMONT, W. Va.–(Business WIRE)–Dec 23, 2020–
MVB Monetary Corp. (NASDAQ: MVBF) (“MVB” or the “Company”) introduced now the final benefits of its modified “Dutch auction” tender give to invest in, for income, up to $45. million of its widespread stock at a price tag per share not considerably less than $18.00 and not better than $20.25, which expired at 5:00 p.m., New York City time, at the conclude of the working day on December 18, 2020.
Centered on the last depend by Computershare Trust Corporation, N.A., the depositary for the tender supply, a complete of 536,490 shares of MVB’s popular inventory, $1.00 par benefit for every share, have been properly tendered and not properly withdrawn at or below the order value of $20.25 per share.
The Enterprise has acknowledged for order 536,490 shares of its widespread inventory at a rate of $20.25 for every share, for an aggregate price of roughly $10,863,922, excluding service fees and expenditures relating to the tender supply. These shares represent somewhere around 4.5 % of the shares exceptional as of December 22, 2020.
Computershare Belief Company, N.A. will instantly concern payment for the shares of MVB common stock validly tendered and accepted for obtain in the tender provide.
On or just before December 31, 2021, the Business may perhaps repurchase from time to time up to $39.2 million of additional shares of widespread stock, including shares that were not or else procured in the tender present, under the Company’s beforehand declared stock repurchase plan, which repurchases might arise from time to time, on the open up current market or in any other case, at these kinds of price ranges and upon these types of conditions as the Enterprise may possibly figure out and if not in accordance with applicable legislation. The Firm is prohibited by SEC policies from purchasing any additional shares of widespread stock, other than in the tender offer you, till at least ten small business times have elapsed soon after the expiration date. Appropriately, any extra buys may well not be consummated till at the very least 10 enterprise days have elapsed soon after the tender offer expiration day of December 18, 2020. The Enterprise may also think about from time to time many other usually means of returning added excess cash to shareholders, including dividends, tender provides, privately negotiated transactions and/or accelerated share repurchases. The Company’s stock repurchase software may well be modified, suspended or discontinued at any time and does not commit the Company to repurchase shares of its typical stock that had been not if not purchased in the tender offer. The true number and benefit of the shares to be purchased less than the inventory repurchase software or through other signifies of returning added extra funds will count on the efficiency of the Company’s benefits of operations, economical placement and funds requirements, basic company circumstances, lawful, tax and regulatory constraints or constraints, any contractual limitations and other elements the Organization deems suitable.
The info in this push launch describing the tender give is for informational applications only and does not represent an offer to acquire or the solicitation of an present to provide shares of common inventory in the tender offer. The tender supply was created only pursuant to the Offer you to Purchase and the linked products that the Enterprise filed with the SEC, as amended or supplemented. Stockholders who have issues or would like extra facts about the tender give might get in touch with the facts agent for the tender present, Georgeson LLC, at (800) 733-6198.
About MVB Economical Corp.
MVB Economical Corp., the holding company of MVB Financial institution, Inc., is publicly traded on The Nasdaq Money Market® (“Nasdaq”) below the ticker “MVBF.” Nasdaq is a foremost world wide service provider of investing, clearing, trade technological know-how, listing, info and community enterprise solutions. Through its subsidiary, MVB Financial institution, Inc., and its subsidiaries, MVB Neighborhood Advancement Corporation, Chartwell Compliance and Paladin, the Business offers financial companies to men and women and corporate clientele in the Mid-Atlantic location and further than. Chartwell Compliance is one particular of the world’s top professional firms in state and federal compliance and market place entry facilitation for firms entering into or expanding in North The united states, serving quite a few of the most large-profile suppliers of the Fintech sector. For much more information and facts about MVB, make sure you take a look at http://ir.mvbbanking.com.
Ahead-seeking Statements
The Organization has manufactured forward-on the lookout statements, inside of the that means of Part 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this push launch. These ahead-on the lookout statements are based mostly on present expectations about the upcoming and subject matter to challenges and uncertainties. Ahead-wanting statements contain, with out limitation, facts relating to probable or assumed long run effects of functions of the Enterprise and its subsidiaries. When words this sort of as “may,” “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or identical expressions come about in this push release, the Corporation is making forward-wanting statements. Take note that quite a few aspects could influence the future fiscal outcomes of the Corporation and its subsidiaries, the two independently and collectively, and could induce these success to vary materially from all those expressed in the forward-on the lookout statements contained in this press release. Those elements incorporate but are not constrained to: the probability that shareholders will not be receptive to the tender give the Company’s potential to consummate the tender present or the relevant funding essential to create proceeds to fund the tender provide on favorable terms, changes in general current market, financial, tax, regulatory or field problems that affect the capacity or willingness of the Company to consummate the earlier mentioned-explained transactions on the conditions described over or at all credit history threat improvements in industry interest premiums length and severity of the modern COVID-19 (coronavirus) outbreak and its impact on the Company’s small business and money ailment economic downturn or economic downturn and authorities regulation and supervision. Supplemental things that may bring about precise success to differ materially from all those described in the forward-looking statements can be found in the Company’s Annual Report on Type 10-K for the 12 months finished December 31, 2019, as well as its other filings with the SEC, which are readily available on the SEC web-site at www.sec.gov. Except as required by law, the Company undertakes no obligation to update or revise any ahead-wanting statements.
Perspective resource model on businesswire.com:https://www.businesswire.com/information/home/20201223005378/en/
Contact: MEDIA Get hold of
Amy Baker
VP, Corporate Communications and
Internet marketing
MVB Economical Corp.
(844) 682-2265
Trader RELATIONS
Marcie Lipscomb
(844) 682-2265
Search phrase: WEST VIRGINIA UNITED STATES NORTH The united states
Marketplace Key word: BANKING Expert Expert services FINANCE
Source: MVB Monetary Corp.
Copyright Organization Wire 2020.
PUB: 12/23/2020 04:15 PM/DISC: 12/23/2020 04:15 PM
http://www.businesswire.com/information/dwelling/20201223005378/en
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