Bridgewater Bancshares, Inc. (Nasdaq: BWB), the parent company of Bridgewater Bank, today announced that it has commenced an underwritten registered public offering of depositary shares, each representing a 1/100th ownership interest in a share of its Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $2,500 per share (equivalent to $25.00 per depositary share). Bridgewater will also grant the underwriters a 30-day option to purchase additional depositary shares solely to cover over-allotments, if any. Bridgewater intends to use the net proceeds from the offering for general corporate purposes, including support for organic growth plans, support for bank level capital ratios and possible redemption or repurchase of currently outstanding indebtedness. Bridgewater intends to file an application to list the depositary shares on the Nasdaq Capital Market.
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