Blue Ridge Bankshares, Inc. entered into a Securities Purchase Agreement with Kenneth R. Lehman, Castle Creek Capital Partners VIII, L.P.,other institutional investors and certain directors and executive officers of the Company on December 21, 2023. Pursuant to the agreement the company has agreed to issue 60,000,000 shares of the company at an issue price of $2.50 and warrants to purchase approximately 29.4 million shares of Common Stock at an exercise price of $2.50 per share for gross proceeds of $150,000,000. The Private Placement is subject to closing conditions, including approval of the Company?s shareholders, and is expected to close in March 2024.

Following the closing of the Private Placement, up to three new investor appointed representatives are expected to join the Board of Directors of Blue Ridge and Blue Ridge Bank.