Blue Ridge Bankshares Inc (BRBS) has provided an update.
Blue Ridge Bankshares, Inc. has revamped its investment strategy by amending its securities purchase agreement and conducting a private placement of common and preferred stock, including warrants, raising $150 million. The proceeds aim to bolster corporate growth and strengthen the bank’s capital. Investors, including Kenneth R. Lehman and Castle Creek Capital, gained not only shares but also significant influence, with rights to appoint board members conditional on ownership levels. The company is also pushing forward with shareholder meetings to approve necessary corporate actions, including an increase in authorized common stock and the issuance of additional shares, all while progressing with its exit from fintech banking-as-a-service operations and addressing nonperforming loans.
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