We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Patriot National Bancorp, Inc. (“Patriot National” or the “Company”) (NASDAQ: PNBK), in connection with the Company’s proposed merger with American Challenger Development Corp. (“American Challenger”) under which Patriot National will acquire American Challenger via a reverse subsidiary merger.  Under the terms of the merger agreement, at the effective time of the merger, American Challenger common stockholders will receive shares of Patriot National common stock as consideration and American Challenger preferred stockholders will receive cash.  Following completion of the merger, taking into account the shares issued in the recapitalization, which will hand over control of the newly-combined entity to participating investors, including Oaktree Capital, L.P. and Angelo, Gordon & Co. L.P., former American Challenger shareholders will collectively own approximately 13.8% of the combined company, and existing Patriot National shareholders will only own approximately 8.2% of the combined company.

WeissLaw LLP is investigating whether (i) Patriot National’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the proposed equity split and issuance of shares to American Challenger shareholders is in the best interest of Patriot National’s shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.