Bullish indicating open at $55-$60, IPO prices at $37
Patriot National Bancorp Inc. (NASDAQ:PNBK) announced Wednesday that its board of directors has appointed Steven Sugarman, currently the company’s president, as chief executive officer. The appointment follows receipt of non-objection from the Board of Governors of the Federal Reserve System. InvestingPro analysis indicates the bank’s overall financial health score is currently rated as WEAK, suggesting significant challenges ahead for the new CEO.
The company also reported results from its annual meeting of shareholders, held Thursday last week. Despite the stock showing a notable 13% gain over the past week, PNBK shares remain significantly below their 52-week high of $7.47. Shareholders approved the 2025 Omnibus Equity Incentive Plan, the Amended and Restated Certificate of Incorporation, and the potential issuance of shares of common stock to comply with Nasdaq Listing Rules 5635(b) and 5635(d). In addition, shareholders ratified the appointment of RSM US LLP as the company’s independent registered public accounting firm for the year ending December 31, 2025.
Eight director nominees were elected to serve until the next annual meeting, subject in some cases to regulatory non-objection. The current board consists of Michael A. Carrazza, Steven A. Sugarman, Edward N. Constantino, Emile Van Den Bol, and Anahit Magzanyan. The elections of Alon Abady, Carlos Salas, and Mario De Tomasi are pending non-objection from the Federal Reserve.
Voting results for the director elections showed support ranging from 72,529,922 to 72,930,258 votes in favor, with between 35,897 and 436,233 votes withheld.
The 2025 Omnibus Equity Incentive Plan was approved with 71,044,019 votes in favor, 893,530 against, and 1,028,606 abstentions. The Amended and Restated Certificate of Incorporation received 72,612,930 votes in favor, 317,695 against, and 35,530 abstentions. Approval for the potential issuance of shares to comply with Nasdaq rules received 72,647,527 votes in favor, 318,096 against, and 532 abstentions. The appointment of RSM US LLP was ratified with 74,046,920 votes in favor, 2,575 against, and 61,207 abstentions.
This information is based on a statement in a filing with the Securities and Exchange Commission.
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