Item 2.01 Completion of Acquisition or Disposition of Assets.
Effective as of
Under the terms of the Agreement, each outstanding share of the Company's common
stock, par value
Also, pursuant to the Agreement, at the effective time of the Merger, each outstanding option to acquire the Company's common stock granted under a Company stock plan, whether vested or unvested as of the date of the Merger, vested as provided pursuant to the terms of such Company stock plan and converted into an option to acquire United's common stock adjusted based on the 0.3173 exchange ratio. Also, at the effective time of the Merger, each restricted stock unit granted under a Company stock plan that was outstanding immediately prior to the effective time of the Merger vested in accordance with the formula and other terms of the Company stock plan and converted into the right to receive shares of United's common stock based on the 0.3173 exchange ratio.
Immediately following the Merger,
There were no material relationships, other than in respect of the Merger, between the Company and United, its directors or officers or any of its affiliates.
The description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the actual terms of the Agreement, which is included as Exhibit 2.1 hereto, and is incorporated herein by reference.
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As a result of the Merger, the Company no longer fulfills the listing
requirements of the Nasdaq Capital Market ("Nasdaq"). On
The Company intends to file with the Commission certifications on Form 15 under the Exchange Act to deregister the Company's common stock under Section 12(g) of the Exchange Act and suspend the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act as promptly as possible.
The information set forth under Item 2.01 of this Current Report on 8-K is incorporated by reference into this Item 3.01.
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Item 3.03 Material Modification to Rights of Security Holders.
At the effective time of the Merger, each share of the Company's common stock was converted into the right to receive 0.3173 shares of United's common stock.
The information set forth under Items 2.01 and 3.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.
Item 5.01 Changes in Control of Registrant.
On
The information set forth under Items 2.01, 3.03 and 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
All of the Company's directors and executive officers ceased serving as directors and executive officers of the Company as of the effective time of the Merger.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal
Year.
At the effective time of the Merger, the separate corporate existence of the Company ceased. The Amended and Restated Articles of Incorporation and Restated Bylaws of United, as in effect immediately before the completion of the Merger, became the articles of incorporation and bylaws of the surviving corporation without change. Consequently, the Amended and Restated Articles of Incorporation and the Amended and Restated Bylaws of the Company ceased to be in effect upon completion of the Merger. A copy of the Amended and Restated Articles of Incorporation of United and the Restated Bylaws of United are filed as Exhibits 3.1 and 3.2 hereto, and are incorporated herein by reference.
The information set forth under Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.03.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits 2.1 Agreement and Plan of Reorganization, dated as ofJune 2, 2021 , by and between United Bankshares, Inc. andCommunity Bankers Trust Corporation (incorporated by reference to Appendix A to the definitive proxy statement filed byCommunity Bankers Trust Corporation onOctober 6, 2021 ) (Listed disclosure schedules have been omitted pursuant to Regulation S-K Item 601(b)(2). United Bankshares, Inc. agrees to furnish a supplemental copy of such schedules upon request of theSecurities and Exchange Commission .). 3.1 Amended and Restated Articles of Incorporation (incorporated into this filing by reference to Exhibit 3.1 to the Quarterly Report on Form 10-Q datedMarch 31, 2017 and filedMay 9, 2017 for United Bankshares, Inc., File No. 002-86947). 3.2 Restated Bylaws (incorporated into this filing by reference to Exhibit 3.1 to the Current Report on Form 8-K dated and filed onMarch 20, 2020 for United Bankshares, Inc., File 002-86947). 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. 4
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