Business Context and Reporting Period
This Form 8-K is a current report filed by MVB Financial Corp. on February 28, 2014. The filing updates investors on the status of an ongoing private placement offering of common stock conducted under Section 4(2) of the Securities Act of 1933 and Rule 506(c) of Regulation D.
Key Financial Metrics
The filing details specific capital raising activities rather than operational financial performance metrics such as revenue, profit, or cash flow.
- Shares Sold Since Last Report: 175,361 shares
- Price Per Share: $32.00
- Proceeds Since Last Report: $5,611,552.00
- Aggregate Shares Sold (Total Offering): 405,393 shares
- Aggregate Proceeds (Total Offering): $12,972,576.00
- Underwriting Costs: None (No underwriter involved; no discounts or commissions paid)
Material Changes
Since the previous Form 8-K filed on December 20, 2013, the Company has increased the total number of shares sold in the private placement by 175,361 shares, raising an additional $5.6 million. The offering remains active.
Outlook and Management Commentary
Management confirms that sales of MVB common stock will continue under the current private placement offering. All shares sold were purchased by accredited investors. The Company asserts that the offering satisfies all terms and conditions of Rule 506(c) of Regulation D.
Investor Verification Checklist
- Verify the total aggregate proceeds of $12,972,576.00 raised to date in the private placement.
- Confirm the continued status of the private placement offering under Rule 506(c).
- Note that no underwriting discounts or commissions were deducted from the proceeds.
- Review the Company's use of proceeds, as this filing does not specify the intended allocation of the raised capital.