Republic, Castle Creek, Cohen Private Ventures terminate capital raise

Republic announced that it, affiliates of Castle Creek Capital and an affiliate of Cohen Private Ventures have mutually decided to terminate the previously announced agreement to raise $125M in capital for the Company through a private placement of equity securities. The Capital Raise was predicated on identifying additional investors to participate at the same $2.25 price per share as Castle Creek and Cohen Private Ventures by September 9, 2023. Given current market conditions – especially the widespread tightening of access to the equity capital markets across the banking sector – the parties do not believe that participants could be found on those terms by September 9th.