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Press Release

Carolina Trust BancShares, Inc. Announces Exercise of Underwriters’ Option

Company Release - 5/14/2018 4:15 PM ET

LINCOLNTON, N.C., May 14, 2018 (GLOBE NEWSWIRE) -- Carolina Trust BancShares, Inc. (the “Company”) (NASDAQ:CART), today announced that the underwriters of its previously announced follow-on public offering have exercised in part their option to purchase additional shares of the Company’s common stock. The underwriters purchased an additional 186,000 shares of the Company’s common stock at a price to the public of $8.00 per share, for aggregate gross proceeds of approximately $1.5 million. After deducting the underwriting discount and estimated offering expenses, the Company expects to receive net proceeds of approximately $1.4 million. The additional shares were delivered to the underwriters on May 14, 2018.

Sandler O’Neill + Partners, L.P. served as the sole book-running manager for the offering.

The securities described above were issued pursuant to a registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on Form S-1 (File No. 333-224178).

Additional Information Regarding the Offering

A registration statement relating to these securities has been filed with the SEC and was declared effective by the SEC on April 18, 2018. The registration statement the Company has filed with the SEC can be obtained by visiting EDGAR on the SEC website at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering of these securities was made only by means of a prospectus, copies of which may be obtained from: Sandler O’Neill + Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attn: Syndicate Operations, via email at syndicate@sanderoneill.com or by phone at (866) 805-4128; or from American Capital Partners, LLC, via email at Dkenny@acpweb.com or by phone at (800) 393-0493.

About Carolina Trust BancShares, Inc.

Carolina Trust BancShares, Inc. is a bank holding company and the parent company of Carolina Trust Bank.  Carolina Trust Bank is a full-service, state-chartered bank headquartered in Lincolnton, N.C., operating nine full-service offices in Lincoln, Catawba, Gaston, Iredell and Rutherford Counties in western North Carolina and a loan production office in Salisbury, N.C.

Contact:
Jerry L. Ocheltree
President and CEO
Carolina Trust BancShares, Inc.
(704) 735-1104



Source: Carolina Trust Bank