WEST PALM BEACH, Fla., June 21, 2021 (GLOBE NEWSWIRE) — AFC Gamma, Inc. (Nasdaq: AFCG), a commercial real estate finance company that provides loans to operators in the cannabis industry, today announced that it has launched an underwritten public offering of 2,750,000 shares of its common stock. AFC Gamma intends to grant the underwriters of the Offering a 30-day option to purchase up to an additional 412,500 shares of common stock.
AFC Gamma intends to use the net proceeds from the Offering to fund loans related to unfunded commitments to its existing borrowers, to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with its investment strategy, and for working capital and other general corporate purposes.
Jefferies, Cowen, and JMP Securities are acting as joint book-running managers for the Offering.
About AFC Gamma
AFC Gamma is a commercial real estate finance company that provides a range of lending solutions to established operators in the cannabis industry. AFC Gamma originates, structures and underwrites senior secured loans and other types of loan solutions in states that have legalized medicinal and/or adult use cannabis. AFC Gamma intends to elect and qualify to be taxed as a real estate investment trust, commencing with its taxable year ending December 31, 2020.
