BUZZ-Sunrise Realty Trust falls on pricing stock offering

Reuters01-28

** Sunrise Realty Trust's SUNS.O shares down 2.1% premarket at $11.80 after follow-on prices

** Florida-based commercial real estate lender sells 5.75 mln shares at $12 for $69 mln gross raise

** SUNS closed at $14.14 on Jan 17, the last trading day before co launched 5.5 mln share offering. Stock ended session on Mon at $12.05

** Sunrise intends to use net proceeds to fund loans to existing borrowers, originate and participate in loans to projects in the Southern U.S., and for other purposes, including debt repayment

** Co has ~7 mln shares outstanding for ~$84 mln market cap, and ~5 mln shares of public float, per LSEG

** Raymond James, KBW, and Oppenheimer are jt bookrunners for offering

** Sunrise was spun off last Jul from cannabis finance-focused Advanced Flower Capital AFCG.O, which IPOd as AFC Gamma in early 2021

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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