Avidbank set for Nasdaq debut after $60 million IPO

** California-based Avidbank AVBH.O set to begin trading on the Nasdaq under ticker symbol "AVBH" on Friday

** AVBH late Thursday sold 2.6 million shares at $23 apiece - the midpoint of its marketed range of $22 and $24 - in its IPO for gross proceeds of $60 million

** Proceeds will be used for general purposes, including a potential repositioning of its bond portfolio

** Piper Sandler and Stephens were the joint bookrunners for the offering

** Prior to the offering, AVBH traded on the Pink Open Market operated by the OTC Markets Group