HarborOne Bancorp receives regulatory approvals for MHC conversion
HarborOne Bancorp announced that it has received all required regulatory approvals for the conversion of HarborOne Mutual Bancshares from the mutual holding company to the stock holding company form of organization. The closing of the Conversion and the related subscription and community offerings of the common stock of HarborOne NorthEast Bancorp, Inc., a newly formed corporation that is the proposed successor holding company of the Bank, is expected to occur at the close of business on August 14, 2019, subject to customary closing conditions. The company's stock is expected to cease trading at the close of business on August 14, 2019. New HarborOne's common stock is expected to trade on the Nasdaq Global Select Market under the trading symbol "HONE" beginning on August 15, 2019. The company also announced that New HarborOne is expected to sell 31,036,812 shares of its common stock at $10.00 per share, for gross proceeds of approximately $310.4M, in its subscription and community offerings. As part of the Conversion, each existing share of the company's common stock held by public shareholders other than the MHC will be converted into the right to receive 1.7954 shares of New HarborOne common stock; cash will be paid in lieu of any fractional shares.