Chain Bridge Bancorp Launches 1.85M Share IPO at $24-$26/sh

Chain Bridge Bancorp (NASDAQ:BDGE_old ), Inc. (CBNA), the bank holding company for Chain Bridge Bank, National Association , today announced the launch of its initial public offering of 1,850,000 shares of its Class A common stock. Chain Bridge expects to grant the underwriters a 30-day option to purchase up to an additional 277,500 shares of its Class A common stock at the public offering price, less underwriting discounts. The initial public offering price is currently expected to be between $24.00 and $26.00 per share of Class A common stock. Chain Bridge's Class A common stock has been approved for listing on the New York Stock Exchange under the ticker symbol "CBNA", subject to official notice of issuance.

Chain Bridge intends to use the net proceeds from the offering primarily for general corporate purposes (which may include supporting continued organic deposit growth and funding potential strategic expansion) and to repay the $10 million outstanding principal balance under its unsecured line of credit.

Piper Sandler & Co. , Raymond James & Associates, Inc. , and Hovde Group, LLC are acting as book-running managers for the offering. Copies of the preliminary prospectus relating to the offering may be obtained from:

Piper Sandler & Co. , Prospectus Department Phone: (800) 747-3924
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Raymond James & Associates, Inc. , Syndicate Phone: (800) 248-8863
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Hovde Group, LLC , Syndicate Phone: (866) 971-0961
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A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission (the "SEC "), but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations, or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

Source: Investing.com