Seneca Bancorp, Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds On June 13, 2025, Seneca Bancorp, Inc. filed a Registration Statement on Form S-1 with the Securities and Exchange Commission in connection with the Conversion and Seneca Bancorp, Inc. stock offering. The Registration Statement (File No. 333-288044) was declared effective by the Securities and Exchange Commission on August 12, 2025. Seneca Bancorp, Inc. registered 1,388,625 shares of its common stock, par value $0.01 per share, pursuant to the Registration Statement for an aggregate offering price of $13.9 million. The stock offering commenced on August 22, 2025, and was completed on October 15, 2025. Keefe, Bruyette & Woods, Inc. (“KBW”) was engaged to assist in the marketing of the common stock and for records management services. KBW received a fee of $425 thousand for its services and was reimbursed approximately $133 thousand for its reasonable out-of-pocket expenses, inclusive of its legal fees and expenses. The stock offering resulted in gross proceeds of $10.4 million, through the sale of 1,044,858 shares of common stock at a price of $10.00 per share. Expenses related to the offering were approximately $2.4 million. Net proceeds of the offering were approximately $8.0 million. The Company contributed approximately $4.0 million of the net proceeds to the Bank and retained approximately $4.0 million of the net offering proceeds. The net proceeds contributed to the Bank have been held as cash and invested in short-term instruments and loans. The net proceeds retained by the Company have been deposited with the Bank. Item 3. Defaults Upon Senior Securities Not applicable. Item 4. Mine Safety Disclosures Not applicable.