AFC Gamma, Inc. (NASDAQ:AFCG) announced on Wednesday the pricing of its underwritten public offering of 3 million shares of its common stock at $20.5 per share.
Underwriters are granted a 30-day option to purchase up to an additional 450,000 shares of common stock under the offering.
AFC Gamma anticipates total gross proceeds of $61.5 million before deducting underwriting discounts, commissions and other offering expenses excluding any exercise of the underwriters’ option to purchase additional shares.
The company said that it plans to utilize net proceeds from the offering to fund loans related to unfunded commitments to its existing borrowers, originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with its investment strategy, for working capital and other general corporate purposes.
Jefferies, Cowen and JMP Securities are acting as lead bookrunners for the transaction, with EF Hutton, a division of Benchmark Investments, LLC, and Seaport Global Securities acting as joint bookrunners.
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AFCG Price Action
AFC Gamma‘s shares traded 2.04% lower at $20.14 per share at the time of writing on Thursday.
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