AFC Gamma reconfirms completion date of spin-off of commercial RE portfolio

AFC Gamma, reconfirms that the spin-off of its commercial real estate portfolio into an independent, publicly-traded REIT, Sunrise Realty Trust, will be completed on July 9, 2024. Shareholders of AFC Gamma common stock as of the close of business on July 8, 2024 will receive one share of new SUNS common stock for every three shares of AFC Gamma common stock held on the Record Date. The distribution is expected to occur before trading begins on July 9, 2024 and SUNS common stock will trade on the Nasdaq Capital Market under the symbol “SUNS”. AFC Gamma will not issue fractional shares of its common stock in the distribution. Instead, holders of AFC Gamma common stock will receive cash in lieu of any fractional shares that they would otherwise be entitled to. No action is required from AFC Gamma stockholders to receive the distributed SUNS common shares. You may purchase or sell SUNS common stock on the Distribution Date, but your transaction will not settle until July 11, 2024. Regular trading of SUNS shares on the Nasdaq Capital Market will commence on July 10, 2024. AFC Gamma and SUNS cannot predict the trading prices for their respective common stock before, on or after the Distribution Date.