Clearfield, Pa.-based CNB Financial Corp. is looking to sell up to $20 million of its common stock from time to time in an at-the-market public offering.
According to a Form 8-K filed Jan. 31, Keefe Bruyette & Woods will serve as sales agent. Sales may be made directly on the Nasdaq Global Select Market or on any other existing trading market for the shares, as well as through negotiated transactions, market makers or any other legal methods.
The price for the shares may be negotiated or may be based on prevailing market prices at the time of sale.
Both the company and its sales agent may suspend or terminate the sale. The sale will automatically terminate when the aggregate offering amount of $20 million is reached.
The sales agent is also entitled to a 2.5% commission on gross proceeds from the offering.