Core Viewpoint - Sunrise Realty Trust, Inc. has announced an upsized public offering of 5,750,000 shares at a price of 69 million in gross proceeds to fund loans and for general corporate purposes [1][2]. Group 1: Offering Details - The public offering price is set at $12.00 per share, with a total of 5,750,000 shares being offered [1]. - The underwriters have a 30-day option to purchase an additional 862,500 shares [1]. - The offering is expected to close on or about January 29, 2025, pending customary closing conditions [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to fund loans related to unfunded commitments to existing borrowers and to originate commercial loans consistent with the company's investment strategy [2]. - Additional uses of the proceeds include working capital and repayment of debt [2]. Group 3: Company Overview - Sunrise Realty Trust, Inc. is an institutional lender focused on commercial real estate in the Southern United States, providing flexible financing solutions [6]. - The company targets transitional commercial real estate projects with potential for near-term value creation, backed by high-quality real property assets [6].
Sunrise Realty Trust, Inc. Prices Upsized Common Stock Offering