Patriot National Announces Private Placement of Common Stock and Warrants
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BMO Capital Cuts Price Target on Patriot National (PN) Following A Surprise Equity Raise
December 15, 2015 7:13 AM ESTBMO Capital maintained an Outperform rating on Patriot National (NYSE: PN), and cut the price target to $15.00 (from $21.00), following the company's announced $50 million private equity raise. The company will receive 40% of the proceeds and the CEO Steve Mariano will receive 60%. The deal has been announced as a $12 a share transaction.
Analyst Charles Sebaski commented, "We lowering our year-ahead target price to $15 from $21 after the company's announcement a $50 million privately placed equity raise whereby the company will receive... More
