Bogota Financial Corp. closed its stock offering in connection with the completion of the reorganization of Bogota Savings Bank into the two-tier mutual holding company form of organization.
The Teaneck, N.J.-based company sold 5,657,735 common shares at $10 per share in its subscription offering. Bogota Financial also contributed 263,150 common shares and $250,000 in cash to the Bogota Savings Bank Charitable Foundation.
Upon closing, the company had 13,157,525 outstanding common shares, including 7,236,640 issued to Bogota Financial MHC.
Bogota Savings Bank's employee stock ownership plan intends to own 3.92% of the company's outstanding common shares and purchase up to 515,775 common shares in the open market.
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 on Jan. 16 on the Nasdaq Capital Market under the trading symbol BSBK. The company's transfer agent, Continental Stock Transfer & Trust Co., expects to mail direct registration statements reflecting the shares bought 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 served as marketing agent for the company's stock offering while Luse Gorman PC acted as legal counsel to the company and Bogota Savings Bank. Goodwin Procter LLP acted as legal counsel to Piper Sandler.