CINCINNATI, Jan. 22, 2020 /PRNewswire/ — Cincinnati Bancorp, Inc. (“CBI”) (NasdaqCM: CNNB), the new banal captivation aggregation for Cincinnati Federal, appear today that the about-face of CF Alternate Captivation Aggregation (the “MHC”) from the alternate captivation aggregation to the banal captivation aggregation anatomy of alignment and the accompanying banal alms by CBI bankrupt as of the abutting of business today. As a result, the MHC and Cincinnati Bancorp, the above banal captivation aggregation of Cincinnati Federal, accept accomplished to abide and CBI has succeeded to Cincinnati Bancorp as the banal captivation aggregation of Cincinnati Federal.
The accepted banal of Cincinnati Bancorp accomplished advertisement on the OTC PinkMarket beneath the attribute “CNNB” as of the abutting of trading today. CBI’s accepted banal is accepted to activate trading on the Nasdaq Capital Bazaar beneath the trading attribute “CNNB” on January 23, 2020.
CBI awash a absolute of 1,652,960 shares of accepted banal at a amount of $10.00 per allotment in a cable offering, which includes 132,237 shares awash to Cincinnati Federal’s Employee Banal Ownership Plan. The cable alms was oversubscribed in the aboriginal antecedence class by Cincinnati Federal’s acceptable depositors as of the abutting of business on June 30, 2018. All accurate banal orders submitted by acceptable depositors accept been abounding according to the allocation procedures declared in CBI’s Prospectus anachronous November 8, 2019. Acceptable depositors may affirm their allocations online at https://allocations.kbw.com or by contacting the Banal Information Center at 1-(877) 643-8198 (toll-free) amid 10:00 a.m. and 4:00 p.m., Eastern time, Monday through Friday. Subscribers whose orders were not abounding because of the oversubscription will be mailed acquittance checks for their subscriptions funds, additional interest, on or about January 22, 2020.
CBI’s alteration agent, American Banal Alteration & Trust Company, LLC (“AST”), expects to mail Direct Registration System (“DRS”) Book-Entry statements for shares purchased in the cable offering, and absorption checks and acquittance checks for subscribers not accepting any or all shares subscribed for, on or about January 22, 2020.
As allotment of the about-face transaction, the outstanding shares of accepted banal of Cincinnati Bancorp that were endemic as of the abutting of business on the closing date by the accessible stockholders of Cincinnati Bancorp (stockholders added than the MHC) accept been exchanged for shares of CBI accepted banal at an barter arrangement according to 1.6351 shares of CBI accepted banal for anniversary allotment of Cincinnati Bancorp accepted stock. Cash will be issued in lieu of a apportioned allotment based on the alms amount of $10.00 per share. Approximately 2,975,625 shares of CBI accepted banal are outstanding as a aftereffect of the closing of the about-face transaction, afore accounting for adjustments for apportioned shares.
AST expects to mail DRS Book-Entry statements for shares of CBI accepted banal issued in barter for shares of Cincinnati Bancorp accepted stock, additional checks for apportioned shares, on or about January 22, 2020. Cincinnati Bancorp stockholders captivation their shares in artery name will accept their shares of CBI accepted banal aural their accounts automatically.
Luse Gorman, PC has acted as acknowledged admonition to the CBI, the MHC, Cincinnati Bancorp and Cincinnati Federal. Keefe, Bruyette & Woods, Inc., a Stifel Company, has acted as business abettor for CBI in affiliation with the cable offering, and Vorys, Sater, Seymour and Pease LLP has acted as acknowledged admonition to Keefe, Bruyette & Woods, Inc., a Stifel Company.
The shares of accepted banal of CBI are not accumulation accounts or accumulation deposits and are not insured by the Federal Deposit Insurance Corporation or any added authoritative agency.
Disclosures Concerning Forward Looking Statements
This columnist absolution contains assertive advanced statements about the about-face and cable offering. Advanced statements accommodate statements apropos advancing approaching contest and can be articular by the actuality that they do not chronicle carefully to absolute or accepted facts. They generally accommodate words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or approaching or codicillary verbs such as “will,” “would,” “should,” “could,” or “may”. Advanced statements, by their nature, are accountable to risks and uncertainties. Assertive factors that could account absolute after-effects to alter materially from accepted after-effects accommodate accessible abrupt delays in carrying DRS Book-Entry statements or acquittance and absorption checks; and/or delays in the alpha of trading due to bazaar disruptions or otherwise.
View aboriginal content:http://www.prnewswire.com/news-releases/cincinnati-bancorp-inc-announces-closing-of-conversion-transaction-300991619.html
SOURCE Cincinnati Bancorp, Inc.
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