AFC Gamma Inc. (AFCG) Prices 6.25M Share IPO at $19/Sh

March 19, 2021 6:07 AM EDT

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AFC Gamma, Inc. (NASDAQ: AFCG), a commercial real estate finance company that provides loans to operators in the cannabis industry, today announced the pricing of its initial public offering of 6,250,000 shares of its common stock at a public offering price of $19.00 per share. In addition, AFC Gamma has granted the underwriters a 30-day option to purchase up to an additional 937,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The Company’s common stock is expected to begin trading on The Nasdaq Global Market on March 19, 2021 under the ticker symbol “AFCG.”

AFC Gamma anticipates total gross proceeds of approximately $118.8 million, before deducting underwriting discounts and commissions and other offering expenses and excluding any exercise of the underwriters’ option to purchase additional shares. AFC Gamma intends to use the net proceeds from the offering to fund loans related to unfunded commitments to existing borrowers, originate and participate in additional commercial loans, repay borrowings that are outstanding under its revolving credit facility at consummation of the offering, if any, as well as for working capital and other general corporate purposes. The offering is expected to close on or about March 23, 2021, subject to the satisfaction of customary closing conditions.

JMP Securities LLC, Ladenburg Thalmann & Co., Inc. and Seaport Global Securities LLC are acting as joint book-running managers for the offering. Lake Street Capital Markets, LLC is acting as a co-manager for the offering.

A registration statement relating to the shares being sold in the offering was filed with the Securities and Exchange Commission and became effective on March 18, 2021.



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