Charleston, S.C.-based Carolina Financial Corp. priced its underwritten public offering of 1,571,429 common shares at $28.00 per share for gross proceeds of approximately $44.0 million.
The company is expecting net proceeds of approximately $41.5 million after underwriting discounts and commissions and estimated offering expenses. Net proceeds are expected to be used to support organic and acquisitive growth, as well as for general corporate purposes.
The underwriters have a 30-day option to purchase up to an additional 235,714 common shares to cover any overallotments. If underwriters exercise the overallotment option in full, the net proceeds are expected to be approximately $47.7 million.
Raymond James & Associates Inc. and Keefe Bruyette & Woods Inc. are serving as book-running managers. Stephens Inc. is serving as co-manager.
The company expects to close the offering on or about Jan. 25.