OptimumBank Holdings, Inc. announced that it expects to receive $5 million in funding
June 24, 2021
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OptimumBank Holdings, Inc. announced that it has entered into a purchase agreement with new investor Aaron Mauer for private placement of 200 series B convertible preferred shares at a price of $25,000 per share for gross proceeds of $5,000,000 on June 24, 2021. The preferred shares are convertible into common shares at a initial conversion price of $2.5 per share, subject to certain adjustments. The conversion of shares is subject to shareholders approval. If the company pays dividend on common shares, the company shall simultaneously declare and pa dividend on series B preferred shares on a pro-rata basis. The transaction is expected to close on June 25, 2021. The shares will be issued pursuant to exemption under Section 4(a)(2) of the Securities Act of 1933, as amended.
OptimumBank Holdings, Inc. is a bank holding company for OptimumBank (the Bank). The Bank is a state-chartered bank, which offers a variety of community banking services to individual and corporate customers through its two banking offices located in Broward County, Florida. The Bank provides a range of consumer and commercial banking services to individuals and businesses. The Bankâs services offered includes demand interest-bearing and noninterest-bearing accounts, money market deposit accounts, negotiable order of withdrawal (NOW) accounts, time deposits, Visa debit and automated teller machine (ATM) cards, cash management, direct deposits, notary services, money orders, night depository, cashierâs checks, domestic collections, and banking by mail. It provides ATM cards and Visa debit cards, as a part of the Star, Presto and Cirrus networks, thereby permitting customers to utilize the convenience of ATMs worldwide. The Bank offers business lending lines for working capital needs.
OPTIMUMBANK HOLDINGS, INC. 
