AFC Gamma Announces Changes to Composition of Board of Directors Following Planned Spin-Off of Commercial Real Estate Portfolio
AFC Gamma (NASDAQ: AFCG) has announced the expected composition of its Board of Directors and that of Sunrise Realty Trust (SUNS) following the planned spin-off of its commercial real estate portfolio. The spin-off, due mid-2024, will see SUNS operating as a separate entity with REIT status, trading on Nasdaq. Key Board changes include the resignation of Jodi Hanson Bond and Jim Fagan from AFC Gamma’s Board, who will join SUNS post-spin-off. Alexander Frank will serve on both boards. AFC Gamma’s Board will consist of Leonard Tannenbaum, Thomas Harrison, Alexander Frank, Robert Levy, and Marnie Sudnow. SUNS’ Board will include Leonard Tannenbaum, Brian Sedrish, Alexander Frank, Jodi Hanson Bond, and Jim Fagan.
- SUNS to attain REIT status and trade on Nasdaq, aiming for mid-2024.
- Alexander Frank to provide continuity by serving on both AFC Gamma and SUNS Boards.
- SUNS gains experienced members like Jodi Hanson Bond and Jim Fagan.
- Potential disruption due to significant Board changes.
- Uncertainty around the successful execution of the spin-off.
WEST PALM BEACH, Fla., May 20, 2024 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ: AFCG) (“AFC Gamma”) today announced the anticipated composition of the Boards of Directors for each of AFC Gamma and Sunrise Realty Trust, Inc. (“SUNS”) following the spin-off of AFC Gamma’s commercial real estate portfolio, which is currently held in its wholly-owned subsidiary, SUNS (the “Spin-Off”). The Spin-Off is expected to be completed in mid-2024, at which time SUNS will operate as a separate company that intends to elect REIT status and trade on the Nasdaq exchange.
Jodi Hanson Bond and Jim Fagan have resigned from the AFC Gamma Board of Directors, effective upon completion of the Spin-Off, and we anticipate that they will then be appointed to the SUNS Board of Directors at such time. Additionally, we anticipate that Alexander Frank will also be appointed to the SUNS Board of Directors at such time, however he will remain a member of the AFC Gamma Board of Directors.
Post spin-off, we anticipate the composition of the AFC Gamma and SUNS Boards of Directors will be as follows:
AFC Gamma, Inc.:
Leonard Tannenbaum, Executive Chairman and Chief Investment Officer of AFC Gamma
Thomas Harrison, Lead Independent Director
Alexander Frank, Independent, Chair of Audit & Valuation Committee
Robert Levy, Independent
Marnie Sudnow, Independent
Sunrise Realty Trust, Inc.:
Leonard Tannenbaum, Executive Chairman of SUNS
Brian Sedrish, Chief Executive Officer of SUNS
Alexander Frank, Lead Independent Director, Chair of Audit & Valuation Committee
Jodi Hanson Bond, Independent
Jim Fagan, Independent
About AFC Gamma, Inc.
AFC Gamma, Inc. (NASDAQ:AFCG) is a publicly-traded, institutional lender that originates, structures and underwrites loans secured by commercial real estate and other types of financing solutions. AFC Gamma targets direct lending and bridge loan opportunities typically ranging from
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect the company’s current views and projections with respect to, among other things, future events and financial performance. All statements other than historical facts, are forward-looking statements. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. Certain factors, risks and uncertainties discussed under the caption “Risk Factors” and elsewhere in AFC Gamma’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings, could cause actual results and performance to differ materially from those projected in these forward-looking statements.
Investor Relations
AFC GAMMA, INC. INVESTOR CONTACT:
Robyn Tannenbaum
(561) 510-2293
ir@afcgamma.com
www.afcgamma.com
AFC GAMMA, INC. MEDIA CONTACT:
Profile Advisors
Rich Myers and Rachel Goun
(347) 343-2999
afcgamma@profileadvisors.com
FAQ
When will AFC Gamma complete the spin-off of its commercial real estate portfolio?
Which stock exchange will Sunrise Realty Trust trade on?
What are the expected changes to AFC Gamma’s Board of Directors post-spin-off?
Who will be on the Board of Directors for Sunrise Realty Trust?
What is the NASDAQ ticker symbol for AFC Gamma?
