SCHEDULE: LMI Partners' Stake in Patriot National Bancorp Drops Below 5%
Beneficial Ownership Report
LMI Partners, LLC reported its beneficial ownership in Patriot National Bancorp Inc. has fallen to 0.25%, below the 5% threshold, due to an increase in the issuer's outstanding shares.
Summary
- LMI Partners, LLC reported beneficial ownership of 285,915 shares of Patriot National Bancorp Inc. common stock.
- This ownership represents 0.25% of the class, a decrease from a previous stake above 5%.
- The reduction in percentage ownership is solely due to an increase in Patriot National Bancorp Inc.'s aggregate outstanding securities, not from any sales by LMI Partners, LLC.
- Patriot National Bancorp Inc. had 114,991,017 shares of common stock outstanding as of September 2, 2025, as reported in its prospectus supplement.
- LMI Partners, LLC disclaims any intent to change or influence the control of the issuer.
Sentiment
Score: 5
Explanation: The filing is a neutral, factual disclosure of a change in beneficial ownership percentage due to share dilution, not a reflection of company performance or a strategic move by the reporting entity.
Positives
- LMI Partners, LLC confirmed it has not sold any of Patriot National Bancorp Inc.'s securities, indicating continued holding of their original investment.
Negatives
- LMI Partners, LLC's beneficial ownership percentage in Patriot National Bancorp Inc. decreased from above 5% to 0.25% due to an increase in the issuer's total outstanding shares, resulting in dilution of their proportional stake.
Risks
- LMI Partners, LLC explicitly certified that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of Patriot National Bancorp Inc.
Future Outlook
The filing does not provide any forward-looking statements or guidance from Patriot National Bancorp Inc. or LMI Partners, LLC regarding future performance or strategic direction.
Management Comments
- J. Daniel Graham, Vice President of LMI Partners, LLC, certified that the information set forth in the statement is true, complete, and correct to the best of his knowledge and belief.
Industry Context
This filing pertains to a financial institution, Patriot National Bancorp Inc., operating in the banking sector. The change in ownership percentage for LMI Partners, LLC is a specific event related to share count, rather than a broad industry trend, though an increase in outstanding shares could be related to capital-raising activities common in the financial sector.
Comparison to Industry Standards
- NA
Stakeholder Impact
- Existing shareholders of Patriot National Bancorp Inc. may experience dilution of their ownership percentage and voting power due to the increase in the aggregate number of outstanding securities.
Next Steps
- NA
Key Dates
| Date | Description |
|---|---|
| 09/02/2025 | Date Patriot National Bancorp Inc. reported 114,991,017 shares of common stock outstanding in its prospectus supplement. |
| 09/15/2025 | Date of event which required the filing of this Schedule 13G amendment. |
Keywords
Patriot National Bancorp, LMI Partners, Beneficial Ownership, SEC Filing, Schedule 13G, Common Stock, Shareholding, Dilution
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