AFC Gamma falls on common stock offering

Advanced Flower Capital

03/01/2022 22:19

** AFC Gamma Inc's shares  AFCG.O  fall ~4.19% to $21.72 in
extended trade
    ** The real-estate investment trust files for common stock
offering of up to 3 mln shares 
    ** Offering price expected to be between $21.00 and $21.50
 urn:newsml:reuters.com:*:nFWN2TJ02O 
    ** Proposed price at the top of the expected range,
represents a discount of nearly 5% to stock's last close 
    ** Intends to use the net proceeds to fund loans related to
unfunded commitments to its existing borrowers, and offer
commercial loans to companies operating in the cannabis industry
    ** Five of six brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $28.38 - Refinitiv data 
    ** Jefferies and Cowen are acting as joint underwriters for
the offering 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))