Penns Woods Bancorp, Inc. Announces “At-the-Market” Equity Offering Program

WILLIAMSPORT, Pa., Sept. 13, 2023 (GLOBE NEWSWIRE) -- Penns Woods Bancorp, Inc., (NASDAQ: PWOD) (the “Company”) announced today that it has filed with the Securities and Exchange Commission (SEC) a prospectus supplement to its existing shelf registration statement on Form S-3, under which it may offer and sell shares of its common stock having an aggregate offering price of up to $20 million from time to time through an “at-the-market” (ATM) equity offering program. The timing and amount of any sales will be determined by a variety of factors considered by the Company.

The shares will be offered through D.A. Davidson & Co., as sales agent. The sales agent may sell shares by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation, sales made directly on Nasdaq, on any other existing trading market for the shares, to or through a market maker or in negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.

The prospectus supplement filed today adds to, updates or otherwise changes information contained in the existing prospectus contained in the Company’s shelf registration statement on Form S-3, which was declared effective by the SEC on July 18, 2023 (File No. 333-273018), for the offering of the securities covered by the registration statement. Prospective investors should read the prospectus, the prospectus supplement and other documents the Company has filed or submitted with the SEC (some of which are incorporated by reference into the prospectus and prospectus supplement) for more complete information about the Company and the ATM program, including the risks associated with investing in the Company. Investors may obtain copies of the prospectus supplement and accompanying prospectus relating to the offering without charge by visiting the SEC’s website at www.sec.gov. Alternatively, potential investors may contact Brian L. Knepp, the Company’s President and Chief Financial Officer, who will arrange to provide them with these documents, by telephone at (570) 320 - 2030 or by email at [e-mail].