SEC Filing Summary: Southern National Bancorp of Virginia, Inc.
Business Context and Reporting Period
This Form 8-K Current Report, dated November 1, 2006, covers the initial public offering (IPO) of Southern National Bancorp of Virginia, Inc. The filing details the pricing and execution of the offering, with shares commencing trading on The Nasdaq Capital Market under the symbol "SONA" on November 1, 2006.
Key Financial Metrics
- Offering Size: 1,786,000 shares initially priced, with an option to sell an additional 214,000 shares due to oversubscription, totaling 2,000,000 shares.
- Offering Price: $14.00 per share.
- Net Proceeds: Approximately $26.7 million expected.
- Par Value: $0.01 per share.
- Underwriter: FIG Partners LLC.
The filing does not provide specific historical revenue, profit, cash flow, margin, debt, or liquidity metrics for the Company.
Material Changes
The primary material change is the transition from a private entity to a publicly traded company following the successful pricing of its IPO. The offering was oversubscribed, triggering the underwriter's option to purchase additional shares.
Outlook and Management Commentary
Management, represented by Chairman and CEO Georgia S. Derrico, confirmed the pricing of the offering and the commencement of trading. The filing incorporates a press release dated November 1, 2006, by reference. No specific forward-looking guidance regarding future earnings or operational targets is included in this specific 8-K text.
Investor Verification Checklist
- Verify the final number of shares sold if the underwriter exercises the full 214,000 share option.
- Review the full Form S-1 Registration Statement (File No. 333-136285) for detailed historical financial statements and risk factors not included in this 8-K.
- Confirm the exact net proceeds after final underwriting fees and expenses are settled.
- Check the Nasdaq Capital Market listing status for the ticker symbol "SONA".