Here is why AFC Gamma Inc. (AFCG) stock slid down on Monday?

0
273
ESLT Stock
ESLT Stock

AFC Gamma Inc. (AFCG) shares plummeted 5.43% in after-hours on Monday, January 03, 2021, and closed the daily trading at $21.44. Even in the regular trading session, AFCG’s stock lost 0.40%. The stock volume remained 0.16 million shares. AFCG shares have moved up 0.62% in the past week. Over the past three months, the stock has gained 4.66%, while over the past six months, it has gained 4.76%.

Let’s see what are the latest news about the company?


China Can't Stop US$0.25 Stock from Mining Ultra-Rare Metal

Here's one little-known company — trading undiscovered below 25-cents per share — that's advancing one of the largest and highest quality REE deposits in all of North America... and the Chinese can't do a damn thing about it! It's early stage... and that's excellent news for individual investors like you who have the foresight to act decisively on an emerging megatrend that's already being measured in the Tens of $Billions.

Simply click here and the name & trading symbol are yours.

Sponsored


>> 7 Top Picks for the Post-Pandemic Economy << 

AFCG public offering on common stock

On January 03, 2022, AFC Gamma, Inc. (AFCG), launched an underwritten public offering of 3,000,000 shares of its common stock. AFC Gamma intends to grant the underwriters of the Offering a 30-day option to purchase up to an additional 450,000 shares of common stock.

Read More

The company will use net proceeds for fund loans related to unfunded commitments to its existing borrowers, to originate and participate in commercial loans to companies operating in the cannabis industry, and for working capital and other general corporate purposes.

AFCG business and financial update

On January 03, 2022, AFC Gamma, Inc. (AFCG), announced certain business updates relating to its quarter and year ended December 31, 2021.

Q4 2021 update

  • AFC Gamma’s gross funding was $125.6 million and its net funding, taking into account loan repayments and amortization, was $120.6 million, for the quarter ended December 31, 2021.
  • The company increased its credit rating from Egan-Jones, moving to a triple B plus (BBB+) investment-grade rating, during the quarter ended December 31, 2021.
  • AFC Gamma also closed on a $100 million unsecured notes offering during the quarter with a fixed cash interest rate of 5.750%, due in 2027.

FY 2021 update

For the year ended December 31, 2021, AFC Gamma’s gross funding was $302.5 million, and its net funding, taking into account loan repayments and amortization was $275.5 million.

AFCG $150 million credit facility

On December 16, 2021, Acreage Holdings, Inc (AFCG) secured a $150 million credit facility with AFC Gamma, Inc and Viridescent Realty Trust, Inc. $100 million is available for immediate use and a further $50 million is available in the future periods under a committed accordion option. Net proceeds of the Credit Facility will be used to fund expansion initiatives, repay existing debt and provide additional working capital.

AFCG dividend declaration

On December 15, 2021, the board of directors of AFC Gamma, Inc. (AFCG) declared a quarterly dividend of $0.50 per outstanding share of common stock, for the quarter ending December 31, 2021, payable on January 14, 2022, to the common stockholders of record on December 31, 2021.

>> 7 Top Picks for the Post-Pandemic Economy << 

Conclusion

The public offering on common stock was the reason behind its poor performance on Monday. Its stock price can further go down in the coming trading sessions on Tuesday.

LEAVE A REPLY

Please enter your comment!
Please enter your name here