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Highlights
- NSTS Bancorp sold 5.29 million shares of its common stock in the IPO.
- The IPO was priced at US$10 per share.
- CEO Stephen G. Lear said the stock debut would help make the company a "stronger banking franchise" while creating new opportunities for all stakeholders.
NSTS Bancorp, Inc. was set to make its NASDAQ debut on Wednesday after it concluded its initial public offering (IPO). The Illinois-based NSTS Bancorp is North Shore Trust and Savings' holding company. North Shore provides banking services like savings, mortgages, etc.
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NSTS Bancorp IPO
The company sold 5.29 million shares of its common stock, including 431,836 shares sold to the North Shore Trust and Savings Employee Stock Ownership Plan. The shares were priced at US$10 per unit. In addition, it gave 107,959 shares to NSTS Charitable Foundation, Inc.
As of January 18, 2022, its total issued and outstanding common stocks were 5,397,959. NSTS Bancorp will trade in the Nasdaq exchange under the ticker symbol NSTS.
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The NSTS Bancorp’s transfer agent is Pacific Stock Transfer Company. It is expected to start mailing the Direct Registration System Book-Entry statements that reflect the purchased shares in the offering. It will also check the interest due on funds submitted and refund checks for any subscriber who has not received all or part of the shares ordered on or around January 18.
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Source: ©2022 Kalkine Media®
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What's next?
NSTS Bancorp CEO Stephen G. Lear said the stock debut would help make the company a "stronger banking franchise" while creating new opportunities for shareholders, clients, and employees. NSTS Bancorp’s legal counsel is Vedder Price P.C.
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Bottomline
In 2021, some 1,000 IPOs were launched, of which more than half were SPAC companies. Observers forecast US IPO activities to heat up in the second half of 2022 after a slow start.
