Republic First Bancorp, Inc. announced that it has signed a non-binding Letter of Intent for the gross proceeds of $75 million on September 27, 2023. The transaction will include participation from Norcross Braca Group for $35 million and third-party investors for $40 million. Pursuant to the LOI, upon the execution of a definitive agreement for the capital raise, Norcross Braca Group will dismiss all litigation against the company and cease its proxy solicitation efforts.

Upon the consummation of the capital raise, the company will pay certain fees and expenses of the Norcross Braca Group and assume certain investment banking and legal expenses. The transaction is subject to the negotiation of and entry into definitive agreements. Any definitive agreement will contain customary closing conditions, including, among others, shareholder and regulatory approvals.