Advanced Flower Capital Inc. (AFCG): M&A transaction — AFC Gamma completes spin-off of CRE business into SUNS; holders get 1 SUNS per 3 AFCG shares

Advanced Flower Capital Inc.

Distribution of 1 SUNS common share for every 3 AFCG shares held as of July 8, 2024 record date; effective July 9, 2024.
Pro forma Q1 2024 net loss after separation: $1.1M (diluted EPS -$0.06) vs historical net loss $54k.
Pro forma FY2023 net income $20.8M (diluted EPS $1.01) vs historical $21.0M ($1.02).
Board changes: Jodi Hanson Bond, James Fagan resign from AFCG board, join SUNS board; Leonard Tannenbaum, Brandon Hetzel, Robyn Tannenbaum assume SUNS executive roles while retaining AFCG positions.
SUNS begins trading on Nasdaq under symbol "SUNS" on July 9, 2024.

item 1.01 item 2.01 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

James Fagan

Director

AFCG · Advanced Flower Capital Inc.

Effective: 2024-07-09
Filed: July 9, 2024, 7:59 PM ET

Jodi Hanson Bond and James Fagan resigned from the Company’s Board of Directors

Departed

Jodi Hanson Bond

Director

AFCG · Advanced Flower Capital Inc.

Effective: 2024-07-09
Filed: July 9, 2024, 7:59 PM ET

Jodi Hanson Bond and James Fagan resigned from the Company’s Board of Directors

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

James Fagan resigned as Director at Advanced Flower Capital Inc..

Action: resigned
Role: Director

Exact text from the filing

Jodi Hanson Bond and James Fagan resigned from the Company’s Board of Directors

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Jodi Hanson Bond resigned as Director at Advanced Flower Capital Inc..

Action: resigned
Role: Director

Exact text from the filing

Jodi Hanson Bond and James Fagan resigned from the Company’s Board of Directors

View on SEC.gov

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Advanced Flower Capital Inc. completed a disposition (closed 2024-07-09).

Action: disposition
Closing: 2024-07-09

Exact text from the filing

AFC Gamma completed the Spin-Off on July 9, 2024, through the Distribution to all holders of outstanding shares of the Company’s common stock as of the close of business on the Record Date.

View on SEC.gov

23 m&a transactions filed in the last 30 days. Browse all m&a transactions →

Advanced Flower Capital Inc. filing history →

Source: SEC EDGAR

accession 0001628280-24-031518

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