Cannabis REIT Chicago Atlantic Real Estate Finance Prices Its NASDAQ IPO

Start generating passive income through real estate.

Own a piece of your favorite cities through diversified real estate investments in the country's top markets

*Terms and conditions apply. Visit Nada's website for more details.

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.

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

 

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisNewsREITIPOsMarketsReal EstateCannabis REITChicago Atlantic Real Estate Finance
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Cannabis rescheduling seems to be right around the corner

Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.


Loading...