Edgewater Bancorp, Inc. Announces Dissolution and Estimated Distribution of Assets

Rhea-AI Summary

Edgewater Bancorp, Inc. (OTCPK: EGDW) has voluntarily dissolved under Maryland law, winding up operations and preparing to distribute cash assets to stockholders. Each share is expected to yield between $41.00 and $43.44, with distributions planned for around November 9, 2021. Stockholders holding printed stock certificates must return them to Computershare by November 2, 2021, to receive their distribution. Edgewater's common stock remains quoted on the OTC Pink marketplace, but trading may cease once distributions are made.

Positive

• Stockholders will receive a cash distribution of $41.00 to $43.44 per share.
• Clear instructions provided for stockholders to access their distributions.

Negative

• Edgewater's stock will likely be removed from the OTC Pink marketplace post-distribution, limiting future trading.
• Stockholders with printed certificates face potential delays if they do not return them by the specified deadline.

ST. JOSEPH, Mich., Sept. 02, 2021 (GLOBE NEWSWIRE) -- Edgewater Bancorp, Inc. (“Edgewater”) (OTCPK: EGDW), announced today that it has voluntarily dissolved under Maryland law and is now winding up its operations and preparing to distribute assets, consisting solely of cash, to its stockholders. As of the date of this press release, we estimate that stockholders will receive a total of between $41.00 and $43.44 for each share of Edgewater common stock that they own. It is expected that distributions will be made on or about November 9, 2021. We intend to notify stockholders of the amount per share to be distributed by issuing a press release prior to making distributions.

Edgewater stockholders who own shares of Edgewater stock in the form of an Edgewater printed stock certificate must prove their interest in Edgewater’s assets by returning their printed stock certificates to our transfer agent, Computershare, to be exchanged for shares of Edgewater stock in “book-entry” form (i.e. without a stock certificate). Edgewater stockholders who own Edgewater stock in the form of printed stock certificates have been mailed instructions on how to return their stock certificates to Computershare. To avoid a delay in receiving your distribution for your interest in Edgewater’s assets, you must return your printed stock certificate(s) to Computershare so that the certificates are received by November 2, 2021. Edgewater stockholders who own shares of Edgewater stock in book-entry form or through a broker or other nominee need not take any additional action to prove their interest in Edgewater’s assets. You may contact Computershare at 1 (800) 368-5948 if you have any questions. When calling Computershare, you will need to provide your 10-digit account number for Edgewater stock that begins with a “C” or your social security number (if it is on file with Computershare).

Edgewater’s common stock continues to be quoted on the OTC Pink marketplace. Upon making distributions to stockholders, we anticipate that Edgewater’s shares will be removed from the OTC Pink marketplace and that further trading will not be permitted. There can be no guarantee when Edgewater’s shares will be removed from the OTC Pink marketplace, or that trading in Edgewater stock will not be terminated, without notice, prior to the date on which distributions are made to stockholders.

Contact: Coleen Rossman, CFO
Telephone: 269-982-4176

FAQ

What is the expected cash distribution for Edgewater Bancorp stockholders?

Stockholders can expect to receive between $41.00 and $43.44 per share of Edgewater stock.

When will Edgewater Bancorp distributions be made?

Distributions are expected to be made on or about November 9, 2021.

What should stockholders do with printed stock certificates?

Stockholders must return their printed stock certificates to Computershare by November 2, 2021, to avoid delays in receiving their distribution.

Will Edgewater Bancorp stock continue to trade after the distribution?

Trading of Edgewater shares is expected to cease after distributions are made.

How can I contact Computershare regarding my Edgewater stock?

You can contact Computershare at 1 (800) 368-5948, providing your account number or social security number for assistance.