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Get filing alertsPatriot National Bancorp shareholders authorize reverse stock split of up to 1-for-20
Filed May 26, 2026 · Period ending May 20, 2026 · ~1 min read
Key Changes
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Shareholders approved a reverse stock split at a ratio between 1-for-10 and 1-for-20, with the Board having full discretion on timing and exact ratio within one year. This will reduce outstanding shares and increase per-share price, typically done to meet exchange listing requirements.
Item 5.07 verify on EDGAR → -
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Seven directors were re-elected to serve until the 2027 Annual Meeting, including CEO Steven Sugarman and six other board members, all receiving majority shareholder support.
Item 5.07 verify on EDGAR → -
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Baker Tilly US, LLP was ratified as the independent auditor for 2026, a routine annual approval with no change in accounting firm.
Item 5.07 verify on EDGAR →
Summary
Patriot National Bancorp held its 2026 Annual Meeting on May 20, where shareholders granted the Board significant flexibility to execute a reverse stock split within the next year. The authorized range of 1-for-10 to 1-for-20 means shareholders could see their share count reduced by 90-95%, with a corresponding increase in per-share price.
Banks typically pursue reverse splits when their stock price falls too low, either to maintain exchange listing requirements or to improve institutional investor perception. For retail holders, this is a material development to monitor closely. While reverse splits don't change the fundamental value of your investment, they often signal management concern about stock price levels.
The Board's one-year window and discretion on the exact ratio means the split could happen at any time. Watch for announcements about the specific ratio and effective date, which will determine the exact impact on your position. The routine re-election of directors and auditor ratification were standard governance matters with no surprises.
Section-by-Section Diff
Event · Item 5.07 — Submission of Matters to a Vote of Security Holders
PNBK held its 2026 Annual Meeting on May 20, 2026, electing seven directors, authorizing a reverse stock split, and ratifying Baker Tilly as auditor.
Show 2 minor / wording changes
Added in current filing · verify on EDGAR →
The following seven directors were each elected at the Meeting to serve as a director, until the next Annual Meeting of Shareholders and until his or her successor is duly elected and qualified
Seven directors were elected: Steven A. Sugarman, Carlos P. Salas, Edward N. Constantino, Anahit Magzanyan, Mario De Tomasi, Jonathan Roth, and Jeffrey Seabold. All nominees received majority support with vote counts ranging from approximately 54 million to 63 million shares in favor.
Added in current filing · verify on EDGAR →
The appointment of Baker Tilly US, LLP to serve as the independent registered public accounting firm for the Company for the year ending December 31, 2026 was ratified
Shareholders ratified Baker Tilly US, LLP as the independent auditor for 2026 with 89,746,398 votes in favor. This is a routine annual approval with no indication of auditor change or concerns.
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Figures/quotes linked to EDGAR · Narrative written by AI · May 27, 2026 · How we verify