Business Context and Reporting Period
AFC Gamma, Inc. (now identified in the request metadata as Advanced Flower Capital Inc.) filed a Form 8-K dated June 13, 2023, with the report signed on June 14, 2023. The filing reports the appointment of James C. Fagan to the Company’s Board of Directors.
Financial Metrics and Liquidity
The filing does not provide financial statements, revenue, profit, cash flow, margins, debt, liquidity, or other operating metrics.
Material Changes
- James C. Fagan was appointed effective June 13, 2023, to fill a vacant Board seat.
- He will serve as a Class III director until the 2026 Annual Meeting of Stockholders, when he will stand for re-election.
- The Board determined that Mr. Fagan is independent under Nasdaq listing standards.
- Mr. Fagan has approximately 40 years of commercial real estate experience, including senior roles at CBRE Group and Cushman & Wakefield.
Compensation, Outlook, and Risks
Mr. Fagan will participate in the Company’s standard non-employee director compensation arrangements. The Company plans to issue him an initial restricted-stock grant that will vest on the one-year anniversary of the grant date and plans to enter into an indemnification agreement.
The filing discloses no specific guidance, outlook, contingencies, material risks, or unusual financial items. It states that there are no arrangements or understandings regarding his appointment and no related-party transaction requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Items
- Verify the final terms, grant date, value, and vesting conditions of the restricted-stock award.
- Confirm execution and terms of the planned indemnification agreement.
- Review subsequent filings for Mr. Fagan’s continued service and re-election at the 2026 annual meeting.
- Note that the filing identifies the registrant as AFC Gamma, Inc.; confirm any subsequent corporate name or branding changes to Advanced Flower Capital Inc.