Form 4: Patriot National Bancorp Director Acquires Shares Through Debt Conversion

Michael A. Carrazza, Chairman of the Board at Patriot National Bancorp, acquired 865,990 shares of common stock through the conversion of a senior note held by Solaia Capital Holdings LLC.

Summary

• Michael A. Carrazza, Chairman of the Board at Patriot National Bancorp, filed a Form 4 detailing changes in beneficial ownership.
• On May 13, 2025, Solaia Capital Holdings LLC, where Carrazza is the manager, purchased and converted a senior note into 865,990 shares of Patriot National Bancorp common stock at $0.75 per share.
• The note had an outstanding principal balance and accrued unpaid interest of $649,492.84 and carried an 8.50% fixed interest rate, originally due January 15, 2026.
• Following the transaction, Carrazza directly owns 55,033 shares and indirectly owns 865,990 shares through Solaia Capital Holdings LLC and 12,221 shares through Solaia Capital Management Profit Sharing Plan.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing related to a debt conversion, which could be seen as slightly positive due to debt reduction, but also slightly negative due to share dilution. The insider is converting debt to equity which is generally a good sign.

Positives

• The conversion of debt to equity could be seen as a positive sign, reducing the company's debt burden.

Risks

• Increased share dilution due to the issuance of new shares upon conversion.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track ownership changes and potential alignment of interests.

Stakeholder Impact

• Shareholders may experience dilution due to the issuance of new shares.
• The company's debt profile is altered by converting debt to equity.

Key Dates

Keywords

beneficial ownership, Form 4, PNBK, Patriot National Bancorp, Carrazza, Solaia Capital, share acquisition, debt conversion