Global law firm K&L Gates LLP served as legal counsel to Commercial Bancgroup, Inc. (Commercial), a Tennessee corporation and the bank holding company for Commercial Bank, a Tennessee state-chartered commercial bank, in connection with Commercial’s initial public offering (IPO) of its common stock and the listing of its common stock on the Nasdaq Capital Market under the ticker symbol “CBK.”
Commercial and certain selling shareholders of Commercial sold 7,173,092 shares of common stock in the IPO at an initial public offering price of US$24.00 per share, resulting in gross proceeds from the IPO of more than US$172 million. Commercial’s common stock now trades on the Nasdaq Capital Market under the ticker symbol “CBK.”
The Corporate deal team was led by Nashville partners Adam Smith and David Bartz, with support from San Francisco partners Ali Nardali and Rikki Sapolich-Krol, Raleigh partner Leann Walsh, and Nashville associates Lauren Ammons, Mary Blomquist, Justin Kleckner, Brad Kilborn, Alexandra Lynn, and Hutton Baker.
Smith stated: “It was a privilege to partner with Commercial on one of the largest bank IPOs in Tennessee history. Our team of Financial Services professionals worked seamlessly across offices and practice disciplines to support Commercial on what will be a transformative transaction for the company. We admire the Commercial team and look forward to what the future holds for Commercial as a public company.”
K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices on five continents, providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.