Shares of Hampton Roads Bankshares Inc. (NASDAQ: HMPR), a bank holding company engaged in general community and commercial banking business, are surging in trading today.
At last check, HMPR shares were trading 29.03% higher at $1.60 on above average volume of 396,526. The stock touched an intra-day high of $1.69. It gained more than 46% in the last three trading sessions.
Hampton Roads Bankshares last week announced that it closed a $50 million private placement of its common stock. The company issued a total of 71,428,572 shares of its common stock at a price of $0.70 per share.
HMPR also said that it plans to raise another $30 million to $45 million by issuing between 42,836,460 to 64,285,714 shares in a public rights offering.
The proceeds from the private placement and the rights offering will be used for general corporate purposes, including making capital contributions to banking subsidiaries.