Knoxville, Tenn.-based SmartFinancial Inc. completed its previously announced public offering of 2,010,084 common shares for net proceeds of approximately $33.2 million.
The offering included the sale of 1,840,000 shares, including 240,000 shares sold under the underwriters' overallotment option. The offering also included 170,084 common shares sold by certain company shareholders.
The selling shareholders received approximately $3.3 million in net proceeds, excluding applicable strike prices on exercised share options immediately before closing.
Furthermore, the company agreed to pay an underwriting discount for shares sold by certain selling shareholders, and the underwriters agreed to reimburse up to $200,000 of its offering-related expenses to the company.