The Bancorp Inc. in Wilmington, Del., announced the pricing for a common stock offering designed to raise $50.3 million.
The $2.4 billion-asset company said Wednesday that it will sell 6.1 million shares at $8.25 a share. The underwriters have a 30-day option to purchase up to 915,000 additional shares to cover any overallotments. The price is a 3.3% discount to the closing stock price on Wednesday.
According to a registration statement filed in November, the company plans to use proceeds for loans, refinancing or repaying of debt, capital expenditures and working capital, among other things.
The registration statement would allow the company to raise up to $80 million in one or more offerings. The offering is expected to close March 8.
