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(RTTNews) - Merchants Bancorp (MBIN) announced the pricing of underwritten public offering of 2.40 million shares of its common stock, without par value, at a public offering price of $43.00 per share.

MBIN closed Monday's regular trading at $47.61 up $0.17 or 0.36%. But in the after-hours trading the stock dropped $3.92 or 8.23%.

The company expects proceeds from the offering, after deducting underwriting discounts and commissions but before deducting offering expenses payable by the company, to be about $98.04 million.

In addition, the company has granted the underwriters a 30-day right to purchase up to an additional 360,000 shares of company common stock at the public offering price, less underwriting discounts and commissions.

The company plans to use the net proceeds of this offering of common stock for general corporate purposes including to support balance sheet growth of the Bank.

The Company expects to close the offering on or about May 16, 2024.

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