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Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. priced its initial public offering of 6.25 million shares of its common stock. The Chicago-based company that intends to elect and qualify to be taxed as a REIT confirmed the filing of a registration statement on Form S-11 related to an initial public offering of 6.25 million shares of its common stock. The price range for this offering is currently $16.00 to $18.00 per share of common stock. The company has applied to have its common stock approved for listing on the NASDAQ Global Market under the symbol “REFI.”
In connection with this offering, Chicago Atlantic is expected to grant the underwriters a 30-day option to purchase up to an additional 937,500 shares of its common stock. Completion of the proposed offering depends upon several factors, including market and other conditions.
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The company will use the net proceeds of the offering to make investments in accordance with its investment objective and strategies and for general corporate purposes.
Chicago Atlantic, managed by Chicago Atlantic REIT Manager, LLC., seeks to provide attractive, risk-adjusted returns for stockholders primarily through consistent current income dividends and other distributions and secondarily through capital appreciation. It plans to achieve this objective by originating, structuring and investing primarily in first mortgage loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses or other assets of the borrowers.
JMP Securities LLC, Compass Point Research & Trading, LLC and Oppenheimer & Co. Inc. are acting as joint book-running managers for this offering. Lake Street Capital Markets LLC and East West Markets, LLC are acting as co-managers for this offering.
Photo: Courtesy of Rick Proctor on Unsplash
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.