Rochester,NY 6/30/2009 3:40:17 AM
HAFC - Entry into a Material Definitive Agreement
Hanmi Financial Corp
Afternoon Movers - HAFC - Entry into a Material Definitive Agreement - Sourced WhisperFromWallStreet.com
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Hanmi Financial Corp,HAFC
After Hours: 1.70 N/A (N/A) 8:00AM ET
On June 12, 2009, Hanmi Financial Corporation (the "Company") entered into a Securities Purchase Agreement by and between the Company and Leading Investment & Securities Co., Ltd., a Korean securities broker-dealer ("Leading"), providing for the sale of 8,040,882 unregistered shares of Company common stock, par value $0.001 per share, to Leading at a purchase price of $1.37 per share (the "Acquisition"). Pursuant to the terms of the Securities Purchase Agreement, Leading will accomplish the Acquisition through an initial purchase of 5,046,118 shares of Company common stock, representing up to 9.9% of the issued and outstanding shares of Company common stock after giving effect to the sale of such shares (the "Initial Acquisition"), and a subsequent purchase of 2,994,764 shares of Company common stock (the "Additional Acquisition"), which together with the Initial Acquisition will represent up to 14.9% of the issued and outstanding shares of Company common stock after giving effect to the sale of such shares. The closing of the Initial Acquisition and the Additional Acquisition are expected to occur on or prior to July 31, 2009, subject to the satisfaction of customary closing conditions.
In connection with the Acquisition, the Company also entered into a Registration Rights Agreement, dated June 12, 2009, by and between the Company and Leading (the "Registration Rights Agreement") pursuant to which the Company has agreed to grant the Purchasers certain demand registration rights with respect to the shares purchased in the Acquisition.
The Securities Purchase Agreement and the Registration Rights Agreement are attached hereto as Exhibit 10.1 and Exhibit 10.2, respectively, and incorporated herein by reference. The press release announcing the Acquisition is attached hereto as Exhibit 99.1 and incorporated herein by reference. The foregoing description of the Securities Purchase Agreement and the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Securities Purchase Agreement and the Registration Rights Agreement attached hereto. Item 3.02 Unregistered Sale of Equity Securities.
About
Hanmi Financial Corporation operates as the holding company for Hanmi Bank that provides general business banking products and services in the United States. It offers business and personal checking accounts, savings accounts, negotiable order of withdrawal accounts, money market accounts, and certificates of deposit. The company?s loan portfolio includes real estate loans, such as commercial property, construction, and residential property loans; commercial and industrial loans comprising commercial term loans, commercial lines of credit, small business administration loans, and international trade finance; and consumer loans consisting of automobile loans, secured and unsecured personal loans, home improvement loans, home equity lines of credit, overdraft protection loans, and unsecured lines of credit and credit cards. It also offers various insurance products, such as life, commercial, automobile, health, and property and casualty. The company serves the Korean-American community, as well as other communities in the multi-ethnic populations of Los Angeles County, Orange County, San Bernardino County, San Diego County, the San Francisco Bay area, and the Silicon Valley area in Santa Clara County. As of April 28, 2009, it operated a network of 27 full-service branch offices in Los Angeles, Orange, San Bernardino, San Francisco, Santa Clara, and San Diego counties; and 2 loan production offices in Virginia and Washington States. The company was founded in 1981 and is headquartered in Los Angeles, California.
Last Trade: 1.63
Day's Range: 1.42 - 1.69
52wk Range: 0.75 - 6.77
Volume: 825,287
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