Texas Community Bancshares, Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds In connection with the conversion transaction, the Company completed its initial public stock offering on July 14, 2021. The Company sold 3,207,759 shares of common stock at $10.00 per share in a subscription offering pursuant to a Registration Statement on Form S-1 (SEC File No. 333-254053), which was declared effective by the Securities and Exchange Commission on May 14, 2021. In addition, the Company contributed 50,000 shares of common stock to the TCBS Foundation, Inc. in connection with the conversion transaction. As a result, the Company registered 3,257,759 shares pursuant to the Registration Statement. The subscription offering resulted in gross offering proceeds of approximately $32.1 million. The net offering proceeds (after payment of offering expenses) were approximately $30.4 million. From the net offering proceeds, the Company used $2.6 million to fund a loan to Mineola Community Bank’s employee stock ownership (which in turn used those funds to purchase 260,621 shares of common stock in the subscription offering), contributed $75,000 to the TCBS Foundation, Inc., invested $15.3 million in Mineola Community Bank as additional capital, and retained $12.4 million for general corporate purposes. Performance Trust Capital Partners, LLC served as marketing agent to the Company in connection with the subscription offering. ​ ​ Item 3. Defaults Upon Senior Securities None. ​ Item 4. Mine Safety Disclosures Not applicable. ​