- Shares of Chicago Atlantic Real Estate Finance ( NASDAQ: REFI ) plunged 6% premarket on Wednesday after the REIT announced that it raised $6M through an offering of 395,779 shares of common stock.
- The shares were issued at $15.16 each, resulting in net proceeds of approximately $6M.
- Proceeds from the sale will be used to fund loan pipeline and for general corporate purposes.
- John Mazarakis, Executive Chairman of Chicago Atlantic, noted, "The execution on this equity raise at an accretive value demonstrates our commitment to a disciplined approach to capital raising and deployment. With our strong loan pipeline of higher yielding loans, we expect to continue funding new loan opportunities on an accretive and opportunistic basis."
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Chicago Atlantic Real Estate Finance raises $6M in stock offering