Patriot National Announces Private Placement of Common Stock

Patriot National Inc. and its president and CEO, Steven Mariano, have agreed to sell 1.67 million shares of common stock to certain institutional investors. Warrants to purchase an additional 2 million are included in the transaction, whose combined purchase price is approximately $20 million, the company announced on Monday. The transaction is expected to close this week. In addition, a selling stockholder will sell 2.5 million shares of common stock for a purchase price of approximately $30 million. Mariano said in a news release that the proceeds would be used to finance future growt...