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.
“We are delighted to welcome Sachem Capital Corp, a leading real estate finance company, to the NYSE MKT”
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…