BRBS Urges Shareholder Vote on Capital Raise & Share Increase by March 6

TL;DR

**BRBS needs your vote by March 6 for a big capital raise and more shares, or things could get complicated.**

AI Summary

Blue Ridge Bankshares, Inc. (BRBS) is urging shareholders to vote on a critical Capital Raise Proposal and an amendment to its articles of incorporation by the Special Meeting on March 6, 2024. The company needs approval to issue common stock representing over 20% of outstanding shares, including warrants, in a private placement, as well as to increase the number of authorized shares. This matters to investors because these actions are crucial for the company's financial health and future growth, potentially diluting existing shares but also strengthening the balance sheet.

Why It Matters

Shareholder approval of these proposals is essential for Blue Ridge Bankshares to execute its capital raise and potentially improve its financial stability and growth prospects, directly impacting the value of current holdings.

Risk Assessment

Risk Level: medium — The proposals involve significant share issuance and potential dilution, which carries inherent risks for existing shareholders, though it aims to strengthen the company.

Analyst Insight

An investor should review the original Proxy Statement dated January 20, 2024, to fully understand the implications of the Capital Raise Proposal and the proposed increase in authorized shares, then cast their vote by March 6, 2024, based on their assessment of the company's long-term strategy and potential dilution.

Key Numbers

• 20% — Percentage of outstanding shares (Represents the potential dilution from the proposed common stock issuance in a private placement.)

Key Players & Entities

• BLUE RIDGE BANKSHARES, INC. (company) — the registrant urging shareholder votes
• March 6, 2024 (date) — date of the Special Meeting of Shareholders
• January 20, 2024 (date) — date of the original Proxy Statement
• 20% (dollar_amount) — percentage of outstanding common stock to be issued in a private placement

FAQ

Filing Documents

• d759146ddefa14a.htm (DEFA14A) — 16KB
• g759146dsp1a.jpg (GRAPHIC) — 9KB
• g759146dsp1b.jpg (GRAPHIC) — 5KB
• 0001193125-24-020934.txt ( ) — 36KB

From the Filing

DEFA14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 BLUE RIDGE BANKSHARES, INC. (Name of Registrant as Specified in its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 URGENT ACTION NEEDED YOUR PROXY VOTE HAS NOT BEEN RECEIVED! January 31, 2024 Dear Fellow Shareholder: We are writing to alert you that the Blue Ridge Bankshares, Inc. (the Company) Special Meeting of Shareholders is quickly approaching. The Special Meeting is scheduled to be held on March 6, 2024. Our records indicate that as of the date of this writing we have not yet received your vote. As set forth in our Proxy Statement, dated January 20, 2024, shareholders are being asked to vote on the following resolutions. Proposal 1: To approve the issuance of shares of the Companys common stock representing more than 20% of the outstanding shares of the Companys common stock, including upon the exercise of certain warrants to be issued by the Company, in each case, in a private placement as more fully described in the Proxy Statement, in accordance with the requirements of the NYSE American Company Guide (the Capital Raise Proposal); Proposal 2: To approve an amendment to the Companys articles of incorporation to increase the number of authorized shares of the Companys common stock from 50,000,000 to 150,000,000 (the Articles Amendment Proposal); and Proposal 3: To adjourn the Special Meeting to a later date or dates, if necessary, to solicit additional proxies to establish a quorum or approve the Capital Raise Proposal or the Articles Amendment Proposal (the Adjournment Proposal). THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE FOR PROPOSALS 1 THROUGH 3. Your vote at the Special Meeting is very important ! For your convenience, we have enclosed a new proxy card. Please vote your shares by telephone or internet by following the directions on the back of the form. If you have any questions, or need assistance voting your shares, please contact our proxy solicitor, Georgeson LLC, toll free at (888) 355-6083. On behalf of our Board of Directors, we thank you for your support and continued investment in the Company. Sincerely, G. William Beale President and Chief Executive Officer E ASY W AYS T O V OTE Please help us avoid the expense of further solicitation by voting today. You may use one of the following simple methods to vote your shares: 1. Vote by Telephone . The proxy card or voting instruction form enclosed includes telephonic instructions. Call the toll-free number listed for this purpose on your voting form. Have your control number listed on the form ready and follow the simple instructions. 2. Vote by Internet . Go to the website listed on the enclosed proxy card or voting instruction form. Have your control number listed on the form ready and follow the simple instructions. 3. Vote by Mail . Mark, sign, and date the proxy card or voting instruction form enclosed and return it in the postage-paid return envelope provided. PLEASE VOTE YOUR PROXY TODAY!

View Full Filing

View this DEFA14A filing on SEC EDGAR