Marijuana industry real estate investment trust Advanced Flower Capital, also known as AFC Gamma, is planning an initial public offering on the Nasdaq exchange that’s intended to raise $94.4 million to $105.6 million. The offering would involve the sale of 5,555,555 shares of common stock in AFC Gamma, or roughly 47% of all the company’s common stock, at a price of $17-$19 per share, according to a prospectus dated Feb. 2. An over-allotment option would offer up to 833,333 additional shares. West Palm Beach, Florida-based AFC Gamma, founded in July 2020, offers loans to established cannabis companies in states where marijuana is legal for medical or recreational use. AFC Gamma expects to net approximately $91 million from the IPO, or as much as $105 million if the over-allotment option is fully exercised, based on an $18 IPO price.
Marijuana Business Daily, 02/04/2021 14:50:00