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Bogota Financial receives regulatory approvals for minority stock offering

Bogota Financial Corp. has received all regulatory approvals required for the completion of its minority stock offering.

Bogota Financial anticipates that a total of 5,657,735 common shares will be sold in the offering at $10.00 per share. Additionally, the company will contribute 263,150 common shares and $250,000 in cash to the Bogota Savings Bank Charitable Foundation.

The offering is expected to close Jan. 15. Upon closing, 13,157,525 shares of the company's common stock will be outstanding, including 7,236,640 shares that will be owned by Bogota Financial MHC.

Bogota Savings Bank's employee stock ownership plan intends to own 3.92% of Bogota Financial's outstanding common shares and plans to buy up to 515,775 common shares in the open market to do so.

The offering was oversubscribed by eligible depositors of Bogota Savings Bank having a first-tier priority under the reorganization plan and minority stock issuance pursuant to which the bank will reorganize into the two-tier mutual holding company structure. Shares will be allocated to valid orders received from those depositors in accordance with the terms of the reorganization plan. Any other orders received in the subscription offering will not be filled.

Bogota Financial's common shares are expected to begin trading Jan. 16 on the Nasdaq Capital Market under the trading symbol BSBK. Continental Stock Transfer & Trust Co., the company's transfer agent, expects to mail direct registration statements reflecting the shares purchased in the stock offering, a check for any interest due on funds submitted and, if any subscription was not filled in full, any refund due on or about Jan. 16.

Piper Sandler was marketing agent for Bogota Financial in connection with the stock offering, and Goodwin Procter LLP was legal counsel to Piper Sandler. Luse Gorman PC was legal counsel to Bogota Financial and Bogota Savings Bank.