Capital Raise

9 Months Ended

Sep. 30, 2021

Capital Raise [Abstract]

Capital Raise

NOTE (3) – Capital Raise

On April 6, 2021, the Company completed the sale of 18,474,000 shares of Broadway Financial Corporation common stock in private placements to institutional and accredited investors at a purchase price of $1.78 per share for an aggregate purchase price of $32.9 million (net of expenses).

The following table shows the common stock issued on April 1, 2021 as a result of the merger and on April 6, 2021 as a result of the private placements by class:

	Common Shares Outstanding
	Voting Class A			Nonvoting Class B		Nonvoting Class C		Total Shares
Shares outstanding March 31, 2021:		19,142,498			-		8,756,396		27,898,894
Shares issued in merger		13,999,870			11,404,621		-		25,404,491
Shares exchanged post-merger		(681,300	)		-		681,300		-
Shares cancelled		(52,105	)		-		-		(52,105	)
Shares issued in private placements		11,221,921			-		7,252,079		18,474,000
Shares outstanding April 6, 2021:		43,630,884			11,404,621		16,689,775		71,725,280