Cannabis REIT AFC Gamma down after pricing stock deal

Advanced Flower Capital

06/01/2022 14:20

** AFC Gamma Inc's  AFCG.O  shares down 2.5% at $20.05
premarket after follow-on prices
    ** Cannabis REIT late Weds announced 3 mln shares at $20.50
for $61.5 mln gross raise  urn:newsml:reuters.com:*:nGNX5btsCl
    ** AFCG launched offering late Mon with expected price range
of $21-$21.50
    ** Co plans to use net proceeds to fund loans related to
unfunded commitments to existing borrowers, offer commercial
loans to firms in cannabis industry
    ** Jefferies, Cowen and JMP Secs lead bookrunners for
offering
    ** Co has ~16.44 mln shares outstanding, per Refinitiv data
    ** AFCG went public last Mar in IPO priced at $19
    ** 5 of 6 analysts covering AFCG rate stock 'buy' or higher,
1 is neutral, per Refinitiv; median PT is $28.38

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))