<SEC-DOCUMENT>0001437749-22-004895.txt : 20220301
<SEC-HEADER>0001437749-22-004895.hdr.sgml : 20220301
<ACCEPTANCE-DATETIME>20220301164536
ACCESSION NUMBER:		0001437749-22-004895
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220301
DATE AS OF CHANGE:		20220301

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PATRIOT NATIONAL BANCORP INC
		CENTRAL INDEX KEY:			0001098146
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				061559137
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29599
		FILM NUMBER:		22698966

	BUSINESS ADDRESS:	
		STREET 1:		900 BEDFORD ST
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		2033247500
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>pnbk20220228_defa14a.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; font-variant: normal; text-align: center; margin: 0pt;"><b>UNITED STATES</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; font-variant: normal; text-align: center; margin: 0pt;"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Washington, D.C. 20549 </b>&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; font-variant: normal; text-align: center; margin: 0pt;"><b>FORM 8-K</b>&nbsp;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>CURRENT REPORT </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Pursuant to Section</b>&nbsp;<b>13 or 15(d) of the Securities Exchange Act of 1934 </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Date of Report (Date of earliest event reported): February 28, 2022</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 12pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Patriot National Bancorp, Inc.</b></p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Exact name of registrant as specified in its charter) </b>&nbsp;</p>

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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Connecticut</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(State or other jurisdiction</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>of incorporation)</b></p>
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			<td style="vertical-align: bottom; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>000-29599</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Commission</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>File Number)</b></p>
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			<td style="vertical-align: bottom; width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td style="vertical-align: top; width: 33%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">
			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>06-1559137</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(IRS Employer</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>Identification No.)</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>900 Bedford Street, Stamford, CT</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Address of principal executive offices)</b></p>
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			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>06901</b></p>

			<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>(Zip Code)</b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 16pt;"><b>Registrant</b>&#8217;<b>s telephone number, including area code (203) 252-5900</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 16pt;"><b>Not Applicable </b></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 16pt;"><b>(Former name or former address, if changed since last report) </b>&nbsp;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9745;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">&#9744;</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Securities registered pursuant to Section&nbsp;12(b) of the Act:</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Title of each class</b></p>
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			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:11.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Trading</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Symbol(s)</b></p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="border-bottom:solid 1px #000000;vertical-align:bottom;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>Name of each exchange</b></p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>on which registered</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">Common Stock, par value $0.01 per share</p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:top;width:11.8%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">PNBK</p>
			</td>
			<td style="vertical-align:bottom;width:0.5%;">&nbsp;</td>
			<td style="vertical-align:top;width:20.3%;">
			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;">NASDAQ Global Market</p>
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<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company &#9744;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Item&nbsp;</b><b>1.01.</b></p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Entry into a Material Definitive Agreement. </b></p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">As previously reported, Patriot National Bancorp, Inc., a Connecticut corporation (&#8220;<u>PNBK</u>&#8221;) entered into an Agreement and Plan of Merger, dated as of November 14, 2021 (the &#8220;<u>Merger Agreement</u>&#8221;), with American Challenger Development Corp., a Delaware corporation (&#8220;<u>American Challenger</u>&#8221;), and Next Special, Inc., a Delaware corporation and wholly owned subsidiary of PNBK, and such Merger Agreement was subsequently amended on January 28, 2022. On February 28, 2022, &nbsp;PNBK and American Challenger entered into Amendment No. 2 (&#8220;Amendment No. 2&#8221;) to the Merger Agreement to address certain matters related to the structure of the Merger. Capitalized terms contained herein but not defined shall have the meanings ascribed to such terms in the Merger Agreement, as amended.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Amendment No. 2 revises the Merger structure to provide that (i) American Challenger will merge with and into PNBK, so that PNBK is the surviving entity in the Merger and American Challenger ceases to exist, (ii) Next Special, Inc. will cease to be a party to the Merger Agreement and (iii) all references to Next Special, Inc. as the &#8220;Merger Sub&#8221; are removed from the Merger Agreement. For U.S. federal income tax purposes, it is intended that the Merger qualify as a &#8220;reorganization&#8221; described in Section 368(a) of the Internal Revenue Code of 1986, as amended (the &#8220;<u>Code</u>&#8221;) and, taken together with the PNBK Capital Raise as an &#8220;exchange&#8221; described in Section 351 of the Code provided that the Capital Raise is consummated as contemplated in the Merger Agreement.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">On March 1, 2022, following PNBK and American Challenger&#8217;s entry into Amendment No. 2, American Challenger sold approximately $7.5 million of its preferred stock in a private placement transaction in order to meet its working capital and funding needs. The documents entered into in connection with the private placement provide that (i) American Challenger&#8217;s preferred stockholders have a right to have their preferred stock redeemed on June 30, 2022, and (ii) if the Merger with PNBK is not completed by June 30, 2022, American Challenger&#8217;s preferred stockholders can cause American Challenger to use its reasonable efforts to (a) sell or otherwise dispose (whether through a sale of stock, assets or otherwise) all or substantially all of its assets or (b) merge or effectuate any other combination with or into any other entity.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;">The foregoing description of Amendment No. 2 to the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such Amendment No. 2, a copy of which is attached hereto as <u>Exhibit 2.1</u> and incorporated herein by reference.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Forward-Looking Statements </b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">This Current Report on Form 8-K and the exhibit filed herewith include &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and future performance of PNBK and American Challenger. Words such as &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;expects,&#8221; &#8220;forecasts,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;targets,&#8221; &#8220;designed,&#8221; "could,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;will&#8221; or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on PNBK&#8217;s and American Challenger&#8217;s current expectations and assumptions regarding PNBK&#8217;s and American Challenger&#8217;s businesses, the economy, and other future conditions.</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Because forward-looking statements relate to future results and occurrences, they are subject to inherent risks, uncertainties, changes in circumstances and other factors that are difficult to predict. Many possible events or factors could affect PNBK&#8217;s and/or American Challenger&#8217;s future financial results and performance and could cause the actual results, performance or achievements of PNBK and American Challenger to differ materially from any anticipated results expressed or implied by such forward-looking statements. Such risks and uncertainties include, among others, (1) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the Merger Agreement, as amended, between PNBK and American Challenger, or the Investment Agreements between PNBK and the investors in the Capital Raise, (2) the failure to obtain the necessary approvals of PNBK&#8217;s shareholders, (3) the outcome of any legal proceedings that may be instituted against PNBK and/or American Challenger, (4) the failure to obtain required governmental approvals or a delay in obtaining such approvals (5) the failure of any of the closing conditions in the Merger Agreement, as amended or Investment Agreements related to the Capital Raise, to be satisfied on a timely basis or at all, (6) delays in closing the proposed Merger or Capital Raise, (7) the possibility that the proposed Merger and Capital Raise may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the dilution caused by PNBK&#8217;s issuance of additional shares of its capital stock in connection with the proposed transactions, (9) the impact of the ongoing global COVID-19 pandemic on PNBK&#8217;s and/or American Challenger&#8217;s businesses, the ability to complete the proposed transactions and/or any of the other foregoing risks, and (10) the impact of global economic or political conditions, including the outbreak or escalation of hostilities.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">Except to the extent required by applicable law or regulation, each of PNBK and American Challenger disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included in this communication to reflect future events or developments. Further information regarding PNBK which could affect the forward-looking statements contained herein can be found in PNBK&#8217;s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the SEC and in the proxy statement related to the proposed transactions.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Additional Information and Where to Find It</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">In connection with the proposed Merger and Capital Raise, PNBK will file a proxy statement and other relevant documents with the SEC. <b>SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.</b> Shareholders may obtain a free copy of the proxy statement (when available) and other documents filed by PNBK at the SEC's Web site at <u>http://www.sec.gov</u>. The proxy statement and such other documents may also be obtained for free from the PNBK by directing such request to PNBK at 900 Bedford Street, Stamford, CT, 06901, Attention: Michael Carrazza, telephone: (203) 251-8230.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Participants in the Solicitation</b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">PNBK and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from its shareholders in connection with the Merger and Capital Raise. A list of the names of such directors and executive officers and information concerning such participants&#8217; ownership of PNBK common stock is set forth in PNBK&#8217;s information statements and Annual Reports on Form 10-K, previously filed with the SEC. Additional information about the interests of those participants may be obtained from reading the proxy statement relating to the Merger and Capital Raise when it becomes available, or by directing a request to PNBK at 900 Bedford Street, Stamford, CT, 06901, Attention: Michael Carrazza, telephone: (203) 251-8230.</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">American Challenger and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from PNBK&#8217;s shareholders in connection with the Merger and Capital Raise. A list of the names of such directors and executive officers and information regarding their interests in the Merger will be contained in the proxy statement when available.</p>

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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><a href="ex_341626.htm" style="-sec-extract:exhibit;"><u>Amendment No. 2 to the Merger Agreement, dated as of February 28, 2022, by and among Patriot National Bancorp, Inc., Next Special, Inc., and American Challenger Development Corp.</u></a></p>
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			<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: center;">104</p>
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			<p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: center; margin: 0pt;"><b>SIGNATURES </b></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>PATRIOT NATIONAL BANCORP, INC.</b></p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Date: March 1, 2022</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">By:</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">/s/&nbsp;Joseph D. Perillo</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Joseph D. Perillo</p>
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			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Executive Vice President and Chief</p>

			<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Financial Officer</p>
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<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>ex_341626.htm
<DESCRIPTION>EXHIBIT 2.1
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 2.1</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>AMENDMENT NO. 2</b><br>
<b>TO THE </b><br>
<b>MERGER AGREEMENT </b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">This Amendment No.&nbsp;2, dated as of February 28, 2022<b> </b>(this &#8220;<u>Amendment</u>&#8221;), to the Agreement and Plan of Merger, dated as of November 14, 2021, as amended by Amendment No. 1, dated as of January 28, 2022 (as further amended, modified or supplemented from time to time in accordance with its terms, the &#8220;<u>Merger Agreement</u>&#8221;), by and among Patriot National Bancorp, Inc., a Connecticut corporation (&#8220;<u>PNBK</u>&#8221;), Next Special, Inc., a Delaware corporation and wholly owned subsidiary of PNBK (&#8220;<u>Merger Sub</u>&#8221;), and American Challenger Development Corp, a Delaware corporation (&#8220;<u>American Challenger</u>&#8221;, and together with PNBK and Merger Sub, the &#8220;<u>Parties</u>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">WHEREAS, in accordance with Section 9.2 of the Merger Agreement, the Parties hereto wish to amend the Merger Agreement as set forth below.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound, agree as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments</u>. The Parties acknowledge and agree that:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;The first recital of the Merger Agreement is hereby amended and restated to read as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">WHEREAS, the Boards of Directors of PNBK and American Challenger have approved the entry into this Agreement and determined that it is in the best interests of their respective companies and their respective shareholders to consummate the strategic business combination transaction provided for herein, pursuant to which American Challenger will, merge with and into PNBK (the &#8220;<u>Merger</u>&#8221;), so that PNBK is the surviving entity in the Merger (hereinafter PNBK is sometimes referred to, in its capacity following the Merger and the other transactions contemplated hereby, as the &#8220;<u>Parent Corporation</u>&#8221;);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;Section 1.1(a) of the Merger Agreement is hereby amended and restated to read as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 72pt;">Subject to the terms and conditions of this Agreement, in accordance with the Delaware General Corporation Law, as amended (the &#8220;<u>DGCL</u>&#8221;), at the Effective Time American Challenger shall merge with and into PNBK. Upon consummation of the Merger, the separate corporate existence of American Challenger shall terminate.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;Section 1.3 of the Merger Agreement is hereby amended and restated to read as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 72pt;">Subject to the terms and conditions of this Agreement, following the Domestication Effective Time, on the Closing Date PNBK shall file or cause to be filed a certificate of merger (the &#8220;<u>Certificate of Merger</u>&#8221;) with the Delaware Secretary, containing such information as is required by the relevant provisions of the DGCL in order to effect the Merger. The Merger shall become effective at such time as specified in the Certificate of Merger in accordance with the relevant provisions of the DGCL (such time hereinafter referred to as the &#8220;<u>Effective Time</u>&#8221;).</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;The text of Sections 1.8, 1.9, 1.10 and 1.11 of the Merger Agreement are removed from the Merger Agreement and such sections are hereby reserved.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;All other references to &#8220;Merger Sub,&#8221; &#8220;Merger Sub Charter&#8221; and &#8220;Merger Sub Bylaws&#8221; are hereby removed from the Merger Agreement and any applicable provisions of the Merger Agreement in which such terms appear shall be modified to the extent the context otherwise required to reflect the terms of this Amendment, the removal of Merger Sub as a party and the agreement of the parties to effectuate the Merger via the Direct Merger.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;Upon execution the effectiveness of this Amendment, Merger Sub shall hereby be released from any and all of its obligations under the Merger Agreement and against all debts, actions, causes of action, suits, contracts, agreements, damages and any and all claims, demands and liabilities whatsoever of every kind or nature which any other party to the Merger Agreement has or may have, or ever had against Merger Sub.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;The third recital of the Merger Agreement is hereby amended and restated as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">WHEREAS, for Federal income tax purposes, it is intended that (i) the Merger shall qualify as a &#8220;reorganization&#8221; described in Section 368(a) of the Code and, taken together with the PNBK Equity Raise (as defined herein) as an &#8220;exchange&#8221; described in Section 351 of the Code provided that the Capital Raise is consummated as contemplated herein (&#8220;<u>Intended Tax Treatment</u>&#8221;), and (ii) the determination for purposes of Section 356(a)(2) of the Code shall be made solely by reference to the earnings and profits of American Challenger.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 18pt;text-indent:54pt;">(h)&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3(c) of the Merger Agreement is hereby amended and restated as follows:</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 72pt;">American Challenger shall have received the opinion of Sullivan &amp; Cromwell LLP, or alternative tax counsel of similar standing, in form and substance reasonably satisfactory to American Challenger, dated as of the Closing Date, to the effect that, on the basis of facts, representations and assumptions set forth or referred to in such opinion, the Merger will qualify as a reorganization under Section 368(a) of the Code (&#8220;<u>American Challenger Tax Opinion</u>&#8221;). In rendering such opinion, counsel may require and rely on representations contained in certificates of officers of PNBK and American Challenger, reasonably satisfactory in form and substance to such counsel.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Other Amendments to Merger Agreement</u>.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 72pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;On and after the date hereof, each reference in the Merger Agreement to &#8220;this Agreement&#8221;, &#8220;herein&#8221;, &#8220;hereof&#8221;, &#8220;hereunder&#8221; or words of similar import shall mean and be a reference to the Merger Agreement as amended hereby.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 72pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise expressly provided herein, all of the other terms and conditions of the Merger Agreement remain unchanged and continue in full force and effect.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin: 0pt 0pt 0pt 0pt;text-indent:72pt;">4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>. The provisions of Sections 9.2 &#8211; 9.15 (inclusive) of the Merger Agreement are incorporated into, and shall apply to, this Amendment, <i>mutatis mutandis. </i></p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">IN WITNESS WHEREOF, this Amendment No.&nbsp;1 has been executed on behalf of each of the Parties hereto as of the date first above written.</p>

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			<p style="margin-top: 0; margin-bottom: 0;"><b>PATRIOT NATIONAL BANCORP, INC.</b><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Michael Carrazza</p>
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			<p style="margin-top: 0; margin-bottom: 0;">Name: Michael Carrazza<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Title: Chairman<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><b>NEXT SPECIAL, INC.</b><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">By: </font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Michael Carrazza</p>
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			<p style="margin-top: 0; margin-bottom: 0;">Name: Michael Carrazza<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Title: Chairman<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><b>AMERICAN CHALLENGER DEVELOPMENT CORP.</b><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">/s/&nbsp;</font>Felix Scherzer</p>
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			<p style="margin-top: 0; margin-bottom: 0;">Name: Felix Scherzer<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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			<p style="margin-top: 0; margin-bottom: 0;">Title: President<font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt 0pt 0pt 8pt;"><i>[Signature Page to Amendment No. 2 to the Merger Agreement]</i></p>
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