BRANFORD, Conn.--(BUSINESS WIRE)--Sachem Capital Corp. (NYSE MKT:SACH) (“the Company”), a real estate finance company specializing in originating, underwriting, funding, servicing and managing a portfolio of short-term, “hard money” real estate loans, today announced the pricing of its initial public offering of 2,600,000 common shares at a price to the public of $5.00 per share. The gross proceeds to the Company from the public offering are expected to be $13,000,000 before underwriting discounts and commissions and other expenses of the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 390,000 common shares from the Company to cover over-allotments, if any. The Company intends to use the net proceeds of the offering primarily to expand its loan portfolio, for capital improvements to its new corporate headquarters and also for working capital and general corporate purposes.
The offering is expected to close on February 15, 2017, subject to customary closing conditions.
“We are delighted to welcome Sachem Capital Corp, a leading real estate finance company, to the NYSE MKT,” said John Tuttle, NYSE Global Head of Listings. “We look forward to providing the unique benefits of our market model, brand and network to the company and its stockholders.”
Joseph Gunnar & Co., LLC is acting as sole book-running manager for the offering and Axiom Capital Management, Inc. is acting as co-manager for the offering.
This offering is being made pursuant to a S-11 registration statement (File No. 333-214323) previously filed with the Securities and Exchange Commission (the “SEC”) and which became effective at 5:00 PM eastern time on February 9, 2017. A final prospectus with respect to this offering will be filed with the SEC. Electronic copies of the registration statement and, when available, electronic copies of the final prospectus relating to this offering may be obtained from the SEC’s website at www.sec.gov or from Joseph Gunnar & Co., 30 Broad Street, 11th Fl, New York, NY 10004 or via telephone at 212-440-9600 or email: prospectus@jgunnar.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward-looking Statements
All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. The words “anticipate,” “estimate,” “expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,” “might,” “will,” “should,” “could,” “likely,” “continue,” “design,” and the negative of such terms and other words and terms of similar expressions are intended to identify forward- looking statements.
We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. In addition, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. We disclaim any duty to update any of these forward-looking statements.
All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements as well as others made in this prospectus. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.
