Form 4: Blue Ridge Bankshares Director Spilman Converts Preferred Stock to Common Shares

Director Vance H. Spilman converted Series B Preferred Stock into 100,000 shares of Blue Ridge Bankshares common stock on June 28, 2024.

Summary

• On June 28, 2024, Vance H. Spilman, a director of Blue Ridge Bankshares, Inc., converted Series B Preferred Stock into common stock.
• The conversion resulted in Spilman acquiring 100,000 shares of common stock.
• Following the transaction, Spilman directly owns 133,875 shares of Blue Ridge Bankshares common stock.
• The Series B Preferred Stock converted on a 1-for-4,000 basis.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing detailing a stock conversion. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about an insider transaction.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This specific transaction reflects a director's decision to convert preferred stock into common stock, which could be driven by various factors, including their outlook on the company's future performance.

Stakeholder Impact

• The conversion of preferred stock to common stock could have a minor dilutive effect on existing shareholders.

Key Dates