AFC Gamma (AFCG) IPO Opens 11% Higher

Today's IPO for AFC Gamma, Inc. (NASDAQ: AFCG) opened for trading at $21 after pricing 6,250,000 shares of its common stock at a public offering price of $19.00 per share.

JMP Securities LLC, Ladenburg Thalmann & Co., Inc. and Seaport Global Securities LLC are acting as joint book-running managers for the offering. Lake Street Capital Markets, LLC is acting as a co-manager for the offering.

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, underwrites and manages senior secured loans and other types of loan solutions in states that have legalized medicinal and/or adult use cannabis. The Company intends to elect and qualify to be taxed as a real estate investment trust, commencing with its taxable year ending December 31, 2020.

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