Concurrent with the completion of the conversion and reorganization, shares of common stock of William Penn Bancorp, Inc. owned by public shareholders have been exchanged for shares of the Company's common stock so that the former public shareholders of William Penn Bancorp now own approximately the same percentage of the Company's outstanding common stock as they owned of William Penn Bancorp's outstanding common stock immediately prior to the conversion, subject to adjustment as disclosed in the offering prospectus. Shareholders of William Penn Bancorp will receive 3.2585 shares of the Company's common stock for each share of William Penn Bancorp's common stock they owned immediately prior to completion of the transaction. Cash in lieu of fractional shares will be paid based on the offering price of $10.00 per share. As a result of the offering and the exchange of shares, the Company has 15,170,754 shares of common stock outstanding, subject to adjustment for fractional shares.