Burke & Herbert Financial Services Corp has announced an increase in the number of authorized common stock from 20,000,000 to 40,000,000 shares. This amendment to the corporation's Articles of Incorporation was approved by the Board of Directors on March 28, 2024, and subsequently ratified by the shareholders at the annual meeting held on July 15, 2024.
As of the record date for the annual meeting, May 7, 2024, the number of shares outstanding was 14,847,927. Out of the votes cast, 9,948,922 were in favor of the amendment, while 1,025,871 were against it.
This increase in authorized common stock reflects the corporation's strategic decision to potentially raise additional capital through the issuance of more shares. It signals a move to expand and grow the business, as well as potentially pursue new investment opportunities or acquisitions.
The doubling of the authorized common stock is a significant change and indicates the company's confidence in its future growth prospects and its ability to attract investment. Today the company's shares have moved 8.5% to a price of $59.84. Check out the company's full 8-K submission here.
