Hampton Roads Bankshares Closes on $235 Million of Private Placement
Hampton Roads Bankshares, Inc. (Nasdaq: HMPR) today announced that it has closed on $235 million of its planned $255 private placement of common stock with institutional investors.
The Company issued 587,500,000 common shares at a price of $0.40 per share to a group of investors led by Anchorage Advisors, L.L.C., CapGen Financial Group and The Carlyle Group. Following the completion of the Private Placement and all related transactions and capital contributions to its subsidiary banks, the Company expects to achieve "well capitalized" status for the Company and both of its subsidiary banks under regulatory capital guidelines.
The Company expects to close on the remaining $20 million of the Private Placement and issue an additional 50,000,000 common shares contemporaneously with the closing of a common stock rights offering in the fourth quarter.
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