Patriot National Bancorp, Inc. has announced a securities purchase agreement with accredited investors to issue and sell approximately 8.5 million shares of its common stock at a price of $1.25 per share. The direct offering is expected to raise net proceeds of around $10.47 million, which the company plans to use for general corporate purposes, including capital expenditures and working capital. The transaction, which does not involve any underwriter or placement agent, is set to close following customary conditions.
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