MidWestOne Financial Group, Inc. announced on September 27, 2024, the pricing of its underwritten public offering of 4,347,000 shares of common stock at $25.00 per share. The expected gross proceeds to the company, after deducting underwriting discounts and commissions but before operating expenses, are approximately $103.5 million.
The company has also granted the underwriter a 30-day option to purchase up to an additional 652,050 shares of common stock at the public offering price, less underwriting discounts and commissions. This option provides flexibility for additional capital if exercised.
All net proceeds from this offering are intended to be invested into MidWestOne Bank. This capital infusion is designed to support the Bank's capital ratios in anticipation of a significant repositioning of its securities portfolio, a strategic move aimed at enhancing future financial performance.
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