FAIRMONT, W.Va.–(Business WIRE)–Dec 21, 2020–
MVB Fiscal Corp. (NASDAQ: MVBF) (“MVB” or the “Company”) introduced today the preliminary final results of its modified “Dutch auction” tender give to order, for dollars, up to $45. million of its common stock at a cost per share not fewer than $18.00 and not higher than $20.25, which expired at 5:00 p.m., New York City time, at the finish of the day on December 18, 2020.
Centered on the preliminary rely by Computershare Have confidence in Firm, N.A., the depositary for the tender supply, a complete of 536,490 shares of MVB’s popular stock, $1.00 par value for every share, had been effectively tendered and not correctly withdrawn at or beneath the buy cost of $20.25 for each share, together with 23,893 shares that have been tendered by recognize of guaranteed shipping. No shares ended up conditionally tendered dependent on the preliminary rely by the depositary.
In accordance with the terms and disorders of the tender offer you, and based on the preliminary count by the depositary, the Organization expects to get approximately 536,490 shares of its popular inventory at a rate of $20.25 per share, for an mixture value of around $10,863,922, excluding service fees and expenses relating to the tender provide. These shares represent somewhere around 4.5 % of the shares remarkable as of December 18, 2020.
The amount of shares to be acquired and the obtain selling price are preliminary and matter to improve. The preliminary info contained in this push release is subject to affirmation by the depositary and is primarily based on the assumption that all shares tendered by see of confirmed delivery will be sent inside of the two investing working day settlement interval. The closing selection of shares to be bought and the remaining buy selling price will be introduced subsequent the expiration of the assured delivery period and completion by the depositary of the affirmation approach. Payment for the shares recognized for invest in beneath the tender offer you, and return of all other shares tendered and not purchased, will take place immediately thereafter.
On or in advance of December 31, 2021, the Firm may possibly repurchase from time to time additional shares of typical inventory that have been not otherwise acquired in the tender present below the Company’s previously announced inventory repurchase program, which repurchases may well happen from time to time, on the open up industry or otherwise, at these price ranges and on this kind of phrases as the Enterprise may possibly identify and otherwise in accordance with applicable legislation. The Firm is prohibited by SEC procedures from acquiring any more shares of popular inventory, other than in the tender provide, until finally at the very least ten enterprise times have elapsed immediately after the expiration day. Accordingly, any further buys might not be consummated until eventually at minimum 10 business enterprise times have elapsed just after the tender offer expiration date of December 18, 2020. The Corporation might also consider from time to time different other implies of returning supplemental surplus cash to shareholders, including dividends, tender features, privately negotiated transactions and/or accelerated share repurchases. The Company’s stock repurchase software may be modified, suspended or discontinued at any time and does not dedicate the Enterprise to repurchase shares of its widespread stock that were being not normally bought in the tender offer you. The true range and price of the shares to be bought under the stock repurchase method or through other signifies of returning further excess cash will rely on the performance of the Company’s results of functions, financial position and money prerequisites, standard enterprise ailments, lawful, tax and regulatory constraints or restrictions, any contractual restrictions and other aspects the Company deems suitable.
The information in this press launch describing the tender provide is for informational needs only and does not represent an supply to invest in or the solicitation of an give to market shares of typical inventory in the tender present. The tender give was designed only pursuant to the Offer you to Buy and the associated products that the Firm submitted with the SEC, as amended or supplemented. Stockholders who have concerns or would like additional info about the tender offer you might contact the info agent for the tender offer you, Georgeson LLC, at (800) 733-6198.
Selected Details About the Tender Supply
The information in this press release describing the Tender Offer is for informational purposes only and does not constitute an present to obtain or the solicitation of an supply to sell shares of Frequent Inventory in the Tender Supply or an supply to promote or the solicitation of an present to purchase any new securities. The Tender Give is being produced only pursuant to the Present to Invest in and the relevant products that the Business is filing with the SEC, and will distribute to its stockholders, as such elements may be amended or supplemented. Stockholders really should read these Offer you to Purchase and relevant elements cautiously and in their entirety because they have crucial info, including the numerous phrases and situations of the Tender Give. Stockholders of the Firm may perhaps get hold of a totally free copy of the Tender Supply statement on Timetable TO, the Provide to Order and other files that the Organization is filing with the SEC from the SEC’s web page at www.sec.gov. Stockholders also will be able to get hold of a duplicate of these paperwork, with no demand, from Georgeson LLC, the data agent for the Tender Offer, toll free at (800) 733-6198 or Raymond James & Associates, Inc. at (312) 655-2964. Stockholders really should carefully read through all of these products prior to creating any final decision with respect to the Tender Give. Stockholders and buyers who have concerns or need to have help might simply call Georgeson LLC toll absolutely free at (800) 733-6198.
About MVB Money Corp.
MVB Financial Corp., the holding company of MVB Lender, Inc., is publicly traded on The Nasdaq Funds Market® (“Nasdaq”) under the ticker “MVBF.” Nasdaq is a main worldwide provider of trading, clearing, trade engineering, listing, data and public enterprise services. Via its subsidiary, MVB Bank, Inc., and its subsidiaries, MVB Local community Progress Corporation, Chartwell Compliance and Paladin, the Company offers fiscal expert services to folks and company clients in the Mid-Atlantic area and outside of. Chartwell Compliance is one particular of the world’s primary specialist firms in state and federal compliance and market entry facilitation for firms coming into into or expanding in North The usa, serving lots of of the most superior-profile providers of the Fintech marketplace. For extra data about MVB, be sure to stop by http://ir.mvbbanking.com.
Forward-seeking Statements
The Organization has designed forward-hunting statements, in just the meaning of Area 27A of the Securities Act of 1933, as amended, and Portion 21E of the Securities Exchange Act of 1934, as amended, in this press release. These forward-seeking statements are based mostly on latest expectations about the upcoming and issue to threats and uncertainties. Ahead-searching statements involve, devoid of limitation, facts about doable or assumed upcoming success of functions of the Corporation and its subsidiaries. When words these kinds of as “may,” “plans,” “believes,” “expects,” “anticipates,” “continues,” “may” or equivalent expressions arise in this push release, the Enterprise is creating ahead-wanting statements. Take note that many components could have an effect on the long run financial success of the Firm and its subsidiaries, both individually and collectively, and could trigger those people outcomes to vary materially from individuals expressed in the ahead-on the lookout statements contained in this press release. These components involve but are not limited to: the possibility that shareholders will not be receptive to the tender present the Company’s ability to consummate the Tender Present or the connected funding essential to make proceeds to fund the Tender Supply on favorable terms, adjustments in common market, economic, tax, regulatory or field problems that impact the skill or willingness of the Enterprise to consummate the higher than-described transactions on the phrases described higher than or at all credit history threat modifications in marketplace desire rates size and severity of the new COVID-19 (coronavirus) outbreak and its effect on the Company’s organization and economical ailment financial downturn or economic downturn and federal government regulation and supervision. Extra things that may well induce actual final results to differ materially from these explained in the forward-searching statements can be located in the Company’s Yearly Report on Type 10-K for the yr finished December 31, 2019, as effectively as its other filings with the SEC, which are accessible on the SEC internet site at www.sec.gov. Apart from as necessary by legislation, the Corporation undertakes no obligation to update or revise any ahead-on the lookout statements.
View supply model on businesswire.com:https://www.businesswire.com/news/dwelling/20201221005687/en/
Get hold of: MEDIA Contact
Amy Baker
VP, Corporate Communications and Advertising and marketing
MVB Economic Corp.
(844) 682-2265Trader RELATIONS
Marcie Lipscomb
(844) 682-2265
Key phrase: WEST VIRGINIA UNITED STATES NORTH The united states
Sector Key phrase: BANKING Professional Products and services FINANCE
Source: MVB Money Corp.
Copyright Company Wire 2020.
PUB: 12/21/2020 04:15 PM/DISC: 12/21/2020 04:15 PM
http://www.businesswire.com/news/dwelling/20201221005687/en
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