Business First Bancshares (BFST) Prices 2.5M Share Offering at $20/sh

October 12, 2022 5:26 PM EDT

Business First Bancshares, Inc. (NASDAQ: BFST) announced today an underwritten public offering of 2,500,000 shares of its common stock at a public offering price of $20.00 per share. The net proceeds to Business First from the offering, after deducting the underwriting discount and offering expenses, are expected to be approximately $46,750,000.

Stephens Inc. is serving as the sole book-running manager for the offering. Raymond James & Associates, Inc. is serving as the lead manager for the offering and D.A. Davidson & Co., Hovde Group, LLC, Janney Montgomery Scott LLC and Piper Sandler & Co. are serving as co-managers for the offering.

Business First plans to use the net proceeds from the offering for general corporate purposes, which may include augmenting its capital, supporting future organic growth, funding potential acquisition opportunities, and redeeming certain of its subordinated debt.

Business First expects to close the offering, subject to customary conditions, on or about October 17, 2022.

The shares will be issued pursuant to an effective shelf registration statement (File No. 333-256605) Business First filed with the Securities and Exchange Commission (SEC), and only by means of the accompanying prospectus and a related prospectus supplement. Prospective investors should read the prospectus and other documents Business First has filed with the SEC for more complete information about Business First and the offering. Copies of these documents and the related prospectus supplement, when available, may be obtained at no charge by visiting the SEC’s website at Copies of the prospectus and related prospectus supplement, when available, may also be obtained by contacting Stephens Inc., 111 Center Street, Little Rock, AR 72201, Attn: Syndicate (1-800-643-9691).

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