secwatch.observer — SEC 8-K summary
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Issuer:     Advanced Flower Capital Inc. (AFCG)
CIK:        0001822523
Form:       8-K
Filed at:   2024-07-09T23:59:59+00:00
Accession:  0001628280-24-031518
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

AFC Gamma completes spin-off of CRE business into SUNS; holders get 1 SUNS per 3 AFCG shares
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/0001628280-24-031518-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1822523/000162828024031518/afcg-20240708.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-031518

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