AFC Gamma Inc. (AFCG) shares went up 2.25% in after-hours on Thursday, June 24, 2021, and closed the day at $20.87 per share. Earlier in the morning session, AFCG’s stock lost 2.86% to close the morning session at $20.41 per share. AFCG shares have moved down by 10.68% in the past week. Over the past three months, the stock has gained 0.54%. The company has a current market of $272.82 million and its outstanding shares stood at 13.37 million.
Pricing of common stock offering
On June 23, 2021, AFC Gamma, Inc revealed the pricing of its underwritten public offering of 2,750,000 shares of its common stock at a public offering price of $20.50 per share. underwriters will get a 30-day option to purchase up to an additional 412,500 shares of common stock.
The AFC Gamma will get total gross proceeds of approximately $56.4 million and intends to use the net proceeds from the offering to fund loans related to unfunded commitments to its existing borrowers.
Recent financial results announcement
On May 11, 2021, AFC Gamma Inc released its financial results for the fiscal quarter ended March 31, 2021.
Q1 2021 financial highlights
The company had a net book value per common share of $16.18 at the end of Q1 2021.
For Q1 2021, GAAP net income was$1.4 million, or earnings of $0.20 per basic weighted average common share, and distributable earnings of $3.2 million, or $0.45 per weighted average common.
Dividend Declaration for Q1 and Q2 2021.
The AFCG previously declared a quarterly dividend of $0.36 per common share for Q1 2021, outstanding paid on March 31, 2021, to stockholders of record on March 15, 2021.
On May 7, 2021, The Board of Directors declared a quarterly dividend of $0.38 per common share,for the second quarter of 2021, payable on June 30, 2021, to stockholders of record on June 15, 2021.
Providing funding to Justice Cannabis for its New Jersey Expansion
On May 06, 2021, AFC Gamma provided a credit facility of $22 million to Justice Cannabis Co, to purchase and complete the build-out of its 72,000 square foot cultivation and processing facility, along with the buildout of a dispensary, both in Ewing, New Jersey.
Providing significant credit facility to Consortium Inc
On May 05, 2021 (AFC Gamma, Inc announced it has invested $15 million in Cansortium Inc.’s.
The consortium is licensed to produce and sell medical cannabis in Florida, where the Borrower is the owner and operator of cultivation and production facilities and operator of 20 dispensaries.
Conclusion
Well, as of this writing there is no such news which we could link with its turnaround on Thursday. the pricing of its common stock may be the reason behind its early loss but after that, there was no new development so it is hard to predict how AFCG stock will end the current week.
