QUAINT OAK BANCORP Reports Material Agreement & Equity Sales

TL;DR

**QUAINT OAK BANCORP just reported a new material agreement and equity sales, details pending.**

AI Summary

QUAINT OAK BANCORP, INC. filed an 8-K on February 15, 2024, reporting events that occurred on February 14, 2024. The filing indicates the company entered into a Material Definitive Agreement and completed Unregistered Sales of Equity Securities. Specific details regarding the parties involved, the nature of the agreement, or the amounts and terms of the equity sales are not provided in this initial filing excerpt.

Why It Matters

These events signal significant corporate actions that could impact the company's financial structure, ownership, and future operations, potentially affecting shareholder value.

Risk Assessment

Risk Level: medium — Without specific details on the material agreement or the terms of the unregistered equity sales, the financial implications and potential dilution for existing shareholders remain unknown.

Key Players & Entities

• QUAINT OAK BANCORP, INC. (company) — Registrant
• Pennsylvania (company) — State of incorporation
• Southampton (company) — City of principal executive offices
• 501 Knowles Avenue (company) — Business address
• 215-364-4059 (company) — Registrant's telephone number
• February 14, 2024 (date) — Date of earliest event reported
• February 15, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — 4,035 shares of common stock, par value $0.01 per share, of the Company ("Common Stoc
• $11.79 — tock, to Fintech at a purchase price of $11.79 per share for aggregate proceeds of $1,
• $1,000,004 — .79 per share for aggregate proceeds of $1,000,004. At the option of Fintech, the Company

Filing Documents

• qnto20240214_8k.htm (8-K) — 36KB
• ex_626544.htm (EX-10.1) — 143KB
• 0000927089-24-000034.txt ( ) — 330KB
• qnto-20240214.xsd (EX-101.SCH) — 3KB
• qnto-20240214_def.xml (EX-101.DEF) — 10KB
• qnto-20240214_lab.xml (EX-101.LAB) — 14KB
• qnto-20240214_pre.xml (EX-101.PRE) — 10KB
• qnto20240214_8k_htm.xml (XML) — 3KB

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement On February 14, 2024, Quaint Oak Bancorp, Inc., a Pennsylvania corporation and the holding company for Quaint Oak Bank (the "Company"), entered into a Stock Purchase Agreement (the "Purchase Agreement") with Fintech Holdings LLC, a limited liability company incorporated in the Commonwealth of Puerto Rico ("Fintech"). Pursuant to the Purchase Agreement, the Company agreed to sell up to 124,035 shares of common stock, par value $0.01 per share, of the Company ("Common Stock") to Fintech. On February 14, 2024, the Company sold 84,818 shares of Common Stock, or approximately 3.4% of the outstanding shares of Common Stock, to Fintech at a purchase price of $11.79 per share for aggregate proceeds of $1,000,004. At the option of Fintech, the Company agreed to sell up to an additional 39,217 shares of Common Stock to Fintech in a second closing (the "Additional Shares"), provided that Fintech will beneficially own an amount of not more than 4.9% of the outstanding Common Stock. The Purchase Agreement contains certain customary representations and warranties made by each party. The Company will use the net proceeds of the offering for general corporate purposes. The option of Fintech to consummate the purchase of the Additional Shares must occur no later than 120 days after February 14, 2024 and is subject to the satisfaction or waiver of certain customary closing conditions, including (i) no order, injunction or decree issued by any court of competent jurisdiction preventing the sale of the Additional Shares shall be in effect, (ii) the accuracy of the Company's representations and warranties in the Purchase Agreement, (iii) compliance in all material respects by the Company with its obligations and agreements contained in the Purchase Agreement, (iv) since the date of the Purchase Agreement, there shall not have occurred and continuing any circumstance, change, development or event that has or would have a material

02 Unregistered Sales of Equity Securities

Item 3.02 Unregistered Sales of Equity Securities The information contained above in Item 1.01 is hereby incorporated by reference into this Item 3.02. In the Purchase Agreement, Fintech represented to the Company, among other things, that it is an "accredited investor" (as such term is defined in Rule 501(a) of Regulation D under the Securities Act). The securities referred to in this Current Report on Form 8-K are being issued and sold by the Company to Fintech in reliance upon the exemptions from the registration requirements of the Securities Act of 1933, as amended ("Securities Act"), afforded by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibit is included with this Report: Exhibit Number Description 10.1 Stock Purchase Agreement between Quaint Oak Bancorp, Inc. and Fintech Holdings LLC, dated February 14, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. QUAINT OAK BANCORP, INC. Date: February 15, 2024 By: /s/John Augustine John J. Augustine Executive Vice President and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR