Patriot National Bancorp jumps after $10.7 million direct stock deal

Community bank Patriot National Bancorp's PNBK.O shares jump as much as 23.1%; last up 12.8% at $1.32

PNBK early Wednesday said it entered agreement to sell ~8.5 million shares to certain investors at $1.25 apiece for ~$10.7 million gross proceeds in a registered direct offering

Stock closed down 18.2% at $1.17 on Tuesday

PNBK set to snap seven-session losing streak if gains hold

Bank will have 84.78 million outstanding shares after the offering, according to SEC filing

In January, PNBK was designated by Office of the Comptroller of the Currency to be in "troubled condition"

PNBK in March had secured over $50 million in private placement

As of last close, PNBK stock down 39.7 YTD