BUZZ-Sunrise Realty Trust falls on pricing stock offering

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