Pathfinder Bancorp, Inc. current report, 08 May 2023

Business Context and Reporting Period

Company: Pathfinder Bancorp, Inc. (PBHC)
Filing Type: Form 8-K (Current Report)
Date of Report: May 8, 2023
Reporting Period: Event date May 8, 2023; Signed May 12, 2023

This filing reports the entry into a material definitive agreement regarding an amendment to a Registration Rights Agreement with Castle Creek Capital Partners VII, L.P.

Key Financial Metrics

The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on a contractual amendment rather than financial performance results.

Material Changes

Amendment to Registration Rights Agreement:

  • Original Agreement: Dated May 8, 2019, requiring the Company to file a resale registration statement by May 8, 2023.
  • Amendment: On May 8, 2023, the Company and Castle Creek agreed to extend the deadline for filing the resale registration statement to no later than May 8, 2024.
  • Context: This relates to securities sold to Castle Creek in a private placement in 2019.

Guidance, Outlook, and Risks

Management Commentary: The filing contains no forward-looking guidance, outlook, or management commentary regarding future financial performance.
Risks and Contingencies: The filing does not disclose new risks or contingencies beyond the contractual obligation to file the registration statement by the new deadline.

Investor Verification Checklist

  • Verify the full text of the Amendment to the Registration Rights Agreement (Exhibit 10.1) for any additional covenants or conditions.
  • Confirm the status of the resale registration statement filing relative to the new May 8, 2024 deadline.
  • Review the original 2019 Securities Purchase Agreement to understand the total volume of securities subject to the registration rights.