Advanced Flower Capital Inc. current report, 13 June 2023

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AFC Gamma, Inc. Form 8-K Summary

Business Context and Reporting Period

AFC Gamma, Inc. filed a Form 8-K under Item 8.01 (Other Events). The Board of Directors authorized the action on June 13, 2023; the report was signed and filed on June 15, 2023. The filing identifies the registrant as AFC Gamma, Inc., although the request metadata refers to Advanced Flower Capital Inc.

Key Financial Metrics

  • The filing does not provide revenue, profit, cash flow, margin, debt, liquidity, book value, or other operating or financial metrics.
  • The Company’s common stock trades on Nasdaq under the symbol AFCG.

Material Change and Capital Allocation

The Board authorized a share repurchase program of up to $20.0 million of the Company’s outstanding common stock. Repurchases may occur in the open market, through privately negotiated transactions, or otherwise in compliance with Rules 10b-18 and 10b5-1.

The timing, price, and volume of repurchases will depend on the Company’s stock price, general market conditions, applicable legal requirements, and other factors. The program may be discontinued or modified at any time. The filing does not state that any shares had been repurchased as of the filing date.

Guidance, Risks, and Unusual Items

  • No earnings guidance or financial outlook is provided.
  • Potential risks include market conditions, stock-price volatility, legal and regulatory requirements, and management’s ability to modify or terminate the program.
  • The filing lists Exhibit 99.1 as a June 15, 2023 press release, but the provided text does not include the press release’s contents.

Investor Verification Items

  • Verify the registrant’s current legal name and whether it corresponds to Advanced Flower Capital Inc. or AFC Gamma, Inc.
  • Confirm the amount and timing of any repurchases completed under the $20.0 million authorization.
  • Review the referenced June 15, 2023 press release for additional terms or management commentary.
  • Assess the effect of repurchases on share count, liquidity, leverage, and capital available for investments.