AFC Gamma, Inc. (AFCG) is planning to raise $101 million in an initial public offering on Thursday, February 11th, IPO Scoop reports. The company plans to issue 5,600,000 shares at $17.00-$19.00 per share.
JMP Securities, Ladenburg Thalmann and Seaport Global Securities served as the underwriters for the IPO and Lake Street was co-manager.
AFC Gamma, Inc. provided the following description of their company for its IPO: “AFC Gamma, Inc. is a commercial real estate finance company founded in July 2020 by a veteran team of investment professionals. We originate, structure, underwrite and manage senior secured loans and other types of loans for established companies operating in the cannabis industry in states that have legalized medicinal and/or adult use cannabis. As states continue to legalize cannabis for medical and adult use, an increasing number of companies operating in the cannabis industry need financing. Due to the capital constrained cannabis market which does not typically have access to traditional bank financing and faces limitations on accessing equity markets, we believe we are well positioned to become a prudent financing source to established cannabis industry operators given our stringent underwriting criteria, size and scale of operations and institutional infrastructure. We are an externally managed Maryland corporation and will elect to be taxed as a REIT under Section 856 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with our taxable year ending December 31, 2020. We believe that our proposed method of operation will enable us to qualify as a REIT. As of Dec. 26, 2020, we had originated and funded loans totaling approximately $135.0 million in aggregate original principal amount to companies operating in the cannabis industry, had approximately $92.5 million of loans outstanding and are committed to approximately $19.8 million in additional loans and commitments from existing loans, with approximately $485.2 million of potential loans actively under review in our pipeline. “.
AFC Gamma, Inc. was founded in 2020 and has employees. The company is located at 525 Okeechobee Blvd., Suite 1770 West Palm Beach, FL 33401 and can be reached via phone at (561) 510-2390.
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