On April 3, 2024, Blue Ridge Bankshares, Inc closed the transaction. The company issued 3,400,000 shares of Common Stock at a price of $2.50 per share for gross proceeds $8,500,000, 11,418 shares of convertible Series B preferred stock, 2,732 shares of convertible Series C preferred stock and warrants to purchase 5,942 Series B Shares and 1,441 Series C Shares at an exercise price of $10,000.00 per share for aggregate gross proceeds of $150,000,000.. Each share of convertible Series B and Series C preferred stock represents the equivalent of 4,000 shares of Blue Ridge common stock. The transaction included participation from Kenneth R. Lehman for 1,186,157 shares of Common Stock, 4,703 Series B Shares, and Warrants to purchase 2,500 Series B Shares for proceeds of $49,995,393.

The company has raised $150,000,000 from 46 investors pursuant to Regulation D. The company has paid $6,923,679 as finder's fees in the transaction.