AFC Gamma Announces Record Date and Special Dividend for Spin-Off of Commercial Real Estate Portfolio
AFC Gamma, Inc. (NASDAQ:AFCG) has announced the completion of its commercial real estate portfolio spin-off into a new independent, publicly-traded REIT, Sunrise Realty Trust, Inc. (SUNS), effective July 9, 2024. Shareholders holding AFC Gamma common stock as of July 8, 2024, will receive one share of SUNS for every three shares of AFC Gamma held. SUNS will trade on Nasdaq under the symbol SUNS.
AFC Gamma will issue cash for any fractional shares. Additionally, AFC Gamma has declared a special dividend of $0.15 per share, payable on July 15, 2024, to shareholders of record on July 8, 2024.
- Spin-off of commercial real estate portfolio expected to complete on July 9, 2024.
- Shareholders to receive one share of SUNS for every three shares of AFC Gamma held.
- SUNS to begin trading on Nasdaq under the symbol SUNS.
- $0.15 per share special dividend declared, payable on July 15, 2024.
- Spin-off may lead to decreased asset base for AFC Gamma.
- Cash in lieu of fractional shares might not be beneficial for all shareholders.
Record Date for Distribution of Sunrise Realty Trust to be July 8, 2024
Distribution Date Expected to be July 9, 2024
Board of Directors Declares
WEST PALM BEACH, Fla., June 27, 2024 (GLOBE NEWSWIRE) -- AFC Gamma, Inc. (NASDAQ:AFCG) (“AFC Gamma”) today announced that the previously announced spin-off of its commercial real estate portfolio is expected to be completed on July 9, 2024. The commercial real estate portfolio will spin-off into a new independent, publicly-traded REIT, Sunrise Realty Trust, Inc. (“SUNS”).
Holders of AFC Gamma common stock as of the close of business on July 8, 2024 (the “Record Date”) will be entitled to receive one share of new SUNS common stock for every three shares of AFCG common stock held. The distribution is expected to occur prior to the opening of trading on July 9, 2024, and shares of SUNS common stock will begin trading on Nasdaq under the symbol “SUNS”. AFC Gamma will not issue fractional shares of its common stock in the distribution. Instead, holders of AFC Gamma common stock will receive cash in lieu of any fractional shares that they would otherwise be entitled to. No action is required by AFC Gamma stockholders to receive the distributed shares of common stock of SUNS.
In connection with the spin-off, the Board of Directors of AFC Gamma declared a special dividend of
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, the company’s plans to spin-off its commercial real estate portfolio into an independent company, the timing and structure of such spin-off, the timing of the payment of the special dividend, the company’s operating results and anticipated investments. 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 Contact:
Robyn Tannenbaum
(561) 510-2293
ir@afcgamma.com
www.afcgamma.com
Media Contact:
Collected Strategies
Jim Golden / Jack Kelleher / Taylor Koedding
afcg-cs@collectedstrategies.com
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FAQ
When is the record date for AFC Gamma's spin-off of Sunrise Realty Trust?
What is the distribution date for the spin-off of Sunrise Realty Trust?
What special dividend did AFC Gamma declare?
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What is the stock symbol for Sunrise Realty Trust?
How many shares of SUNS will AFC Gamma shareholders receive?