Simmons First National Corp. on Wednesday filed a preliminary stock registration statement with the Securities and Exchange Commission as part of the terms of its merger deal with Delta Trust & Banking Corp.
In the SEC filing, Simmons will offer 1,750,000 shares of class A common stock in an offering valued at about $44 million.
As part of the March 24 merger agreement, Simmons will offer existing shareholders of Delta Trust stock in Simmons, cash value for the Delta shares or a combination of the two.
The specifics of the agreement call for each share of Delta Trust common stock to be converted into the right to receive 15.1428 shares of Simmons common stock. The shareholder may also receive a cash amount of $545.14 for each share of Delta Trust common stock.
A special meeting of Delta Trust shareholders will be called in the next month to be held in the Ottenheimer Theater of the Historic Arkansas Museum in which the shareholders will be asked by Delta Trust’s Board of Directors to approve the merger deal with Simmons.