GREENVILLE, S.C., Jan. 7, 2021 /PRNewswire/ -- GrandSouth Bancorporation (the "Company") (GRRB:OTCQX), the holding company for GrandSouth Bank, announced that on December 3, 2020, it confidentially submitted a draft registration statement on Form 10-12(g) to the U.S Securities and Exchange Commission (the "SEC") relating to the registration of its common stock. The Company currently anticipates publicly filing and having the registration statement declared effective by the end of the first quarter 2021.
The Company also announced today that its board of directors (the "Board") authorized the repurchase of up to 250,000, or 4.7%, of the Company's outstanding shares of common stock through open market purchases, privately-negotiated transactions, or otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Purchases may be made pursuant to the repurchase plan at prices Company management considers to be attractive and in the best interest of the Company and its shareholders, beginning on or about January 11, 2021 through June 30, 2021, when the plan expires. The Company expects to finance any repurchases from a combination of cash on hand and cash provided by operating activities. The stock repurchase program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time. Once the Company's registration becomes effective, information regarding stock repurchases will be available in the Company's periodic reports filed with the SEC on Forms 10-K and 10-Q.
About GrandSouth: GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into eight locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $1 billion in assets as of September 30, 2020, including over $839 million in gross loans. Learn more at:
Website: https://www.grandsouth.com/
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified generally by the use of forward-looking terminology and words such as "expects," "anticipates," "estimates," "believes," "predicts," "intends," "plans," "potential," "may," "continue," "should," "will" and words of comparable meaning. Without limiting the generality of the preceding statement, all statements in this press release relating to the Company's strategy and outlook, including the number of shares of common stock to be repurchased by the Company, if any, and that the Company's repurchase of its shares of common stock and pursuit of more opportunistic uses of capital will benefit the Company and its shareholders, are forward-looking statements. We caution investors that any such forward-looking statements are only predictions and are not guarantees of future performance. Certain risks, uncertainties and other factors may cause actual results to differ materially from those projected in the forward-looking statements. Such factors may include: the Company's ability to successfully execute its stock repurchase program, including the availability of financing for such repurchases; the Company's ability to successfully strengthen the Company's market position and enhance the Company's product and service offerings; the impact of COVID-19 and related economic disruptions which have materially affected the Company's revenue and could materially affect the Company's gross margin and income, as well as the Company's financial position and/or liquidity; actions to be taken by the Company in response to the pandemic; the legal, regulatory and administrative developments that occur at the federal, state and local levels. Numerous other risks, uncertainties and other factors may cause actual results to differ materially from those expressed in any forward-looking statements. We also caution investors that the forward-looking information described herein represents our outlook only as of this date, and we undertake no obligation to update or revise any forward-looking statements to reflect events or developments after the date of this press release.
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SOURCE GrandSouth Bancorporation
