OptimumBank Holdings, Inc. Commences Private Placement Of Common Stock
FORT LAUDERDALE, Fla., Jan. 31, 2011 (GLOBE NEWSWIRE) -- OptimumBank Holdings, Inc. (Nasdaq:OPHC) (the "Company") today announced that it has commenced a private placement of 7,500,000 shares of the Company's common stock at a price of $2.00 per share. The completion of the offering is contingent upon the sale of a minimum of 5,000,000 shares, as well as shareholder approval of the terms of the offering and an amendment to the Company's articles of incorporation to increase the number of authorized shares from 1,500,000 shares to 20,000,000. If the offering is consummated, the gross proceeds of offering, before payment of placement fees and offering expenses, will be a minimum of $10,000,000 and a maximum of $15,000,000.
The net proceeds of the offering will be used to fund the new business strategy for the Company's subsidiary, OptimumBank, and to increase the regulatory capital of OptimumBank. The new business plan is intended to convert Optimum Bank from a wholesale banking model into a full-service community bank providing a high level of personal service and a variety of products to retail customers.
Sam Borek, Chairman of the Board, stated, "We believe that the offering will allow us to significantly increase our capital and implement our new business plan. The new capital will allow us to continue to service our current customer base and will provide us with the resources to establish new relationships and expand our offerings within the communities we serve."The Company expects to complete the offering on or before May 31, 2011. The shares to be offered by the Company will not be registered under the United States Securities Act of 1933, as amended, or applicable state securities law, and may not be offered or sold in the United States absent registration under the Securities Act and applicable securities laws or available exemptions from the registration requirements.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV