Fulton Financial Announces Closing of $287.5 Million Offering of Common Stock
02 May 2024 - 7:34AM
Business Wire
Fulton Financial Corporation (NASDAQ: FULT) (the “Corporation”)
today announced the closing of its public offering of 19,166,667
shares of its common stock (the “common stock”), at a price to the
public of $15 per share, which included 2,500,000 shares issued
upon the exercise in full by the underwriters of their option to
purchase additional shares of common stock. The total gross
proceeds from the offering were $287.5 million.
Piper Sandler and BofA Securities acted as joint book-running
managers for the offering.
The Corporation received net proceeds from the offering of
approximately $273.5 million, after deducting underwriting
discounts and before deducting transaction expenses. The
Corporation intends to use the net proceeds of the offering for
general corporate purposes, including to support new opportunities
in connection with its business strategy following its previously
announced acquisition of substantially all of the assets and its
assumption of substantially all of the deposits and certain
liabilities of Republic First Bank, doing business as Republic
Bank, from the Federal Deposit Insurance Corporation.
The shares of common stock to which this communication relates
were issued pursuant to an effective registration statement on Form
S-3 (File No. 333-274624) filed with the U.S. Securities and
Exchange Commission (the “SEC”). A final prospectus supplement and
accompanying prospectus relating to the offering has been filed
with the SEC. You may obtain these documents for free by visiting
EDGAR on the SEC’s website at http://www.sec.gov. Electronic copies
of the final prospectus supplement and the accompanying base
prospectus may be obtained by contacting Piper Sandler, 800
Nicollet Mall, J12S03, Minneapolis, MN 55402, Attention: Prospectus
Department, or by telephone at (800) 747-3924 or email at
prospectus@psc.com or BofA Securities, Attention: Prospectus
Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC
28255-0001, or by email at dg.prospectus_requests@bofa.com.
This press release is for informational purposes only and does
not constitute an offer to sell or a solicitation of an offer to
buy the securities, nor shall there be any sale of the securities
in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
The shares of common stock to which this communication relates have
not been approved or disapproved by any regulatory authority, nor
has any such authority passed upon the accuracy or adequacy of the
prospectus supplement or the shelf registration statement or
prospectus relating thereto.
About Fulton Financial
Corporation
Fulton Financial Corporation is a Pennsylvania-based financial
holding company that operates more than 200 financial centers in
Pennsylvania, Maryland, Delaware, New Jersey and Virginia through
its banking subsidiary, Fulton Bank, N.A.
Safe Harbor Statement
This press release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as “may,” “should,” “will,” “could,” “estimates,” “predicts,”
“potential,” “continue,” “anticipates,” “believes,” “plans,”
“expects,” “future,” “intends,” “projects,” the negative of these
terms and other comparable terminology.
Forward-looking statements are neither historical facts, nor
assurance of future performance. Instead, the statements are based
on current beliefs, expectations and assumptions regarding the
future of the Corporation’s business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Corporation’s control, and actual results
and financial condition may differ materially from those indicated
in the forward-looking statements. Therefore, you should not unduly
rely on any of these forward-looking statements. Any
forward-looking statement is based only on information currently
available and speaks only as of the date when made. The Corporation
undertakes no obligation, other than as required by law, to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
A discussion of certain risks and uncertainties affecting the
Corporation, and some of the factors that could cause the
Corporation's actual results to differ materially from those
described in the forward-looking statements, can be found in the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Corporation’s Annual Report on Form 10-K for the year ended
December 31, 2023 and other current and periodic reports, which
have been, or will be, filed with the Securities and Exchange
Commission (the “SEC”) and are, or will be, available on the SEC's
website (www.sec.gov).
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version on businesswire.com: https://www.businesswire.com/news/home/20240501787091/en/
Media Contact: Lacey Dean, 717-735-8688
Investor Contact: Matt Jozwiak, 717-327-2657
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