SHAREHOLDER ALERT: WeissLaw LLP Investigates Patriot National Bancorp, Inc.

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PR Newswire

NEW YORK, Nov. 15, 2021

NEW YORK, Nov. 15, 2021 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Patriot National Bancorp, Inc. ("Patriot National" or the "Company") (NASDAQ: PNBK), in connection with the Company's proposed merger with American Challenger Development Corp. ("American Challenger") under which Patriot National will acquire American Challenger via a reverse subsidiary merger. Under the terms of the merger agreement, at the effective time of the merger, American Challenger common stockholders will receive shares of Patriot National common stock as consideration and American Challenger preferred stockholders will receive cash. Following completion of the merger, taking into account the shares issued in the recapitalization, which will hand over control of the newly-combined entity to participating investors, including Oaktree Capital, L.P. and Angelo, Gordon & Co. L.P., former American Challenger shareholders will collectively own approximately 13.8% of the combined company, and existing Patriot National shareholders will only own approximately 8.2% of the combined company.

If you own Patriot National shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:

https://www.weisslaw.co/news-and-cases/pnbk
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
305 Broadway, 7^th Floor
New York, NY 10007
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com

WeissLaw LLP is investigating whether (i) Patriot National's board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the proposed equity split and issuance of shares to American Challenger shareholders is in the best interest of Patriot National's shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.

WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com

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