Business Context and Reporting Period
Company: Sachem Capital Corp.
Filing Type: Form 8-K (Current Report)
Date of Report: October 30, 2019
Event: The Company filed a preliminary prospectus supplement with the SEC regarding a registered public offering of unsecured, unsubordinated notes due five years from the date of issuance. This offering supplements a base prospectus under a shelf registration statement (Form S-3) declared effective on November 9, 2018.
Key Financial Metrics
This filing is a current report regarding a capital market event and does not contain audited financial statements, revenue, profit, cash flow, margin, debt, or liquidity metrics. The filing text does not provide a clear value for these operational financial indicators.
Material Changes
The primary material change disclosed is the initiation of a new debt offering. The Company is seeking to issue unsecured, unsubordinated notes with a five-year maturity. No changes to prior period financial results are reported in this document.
Guidance, Outlook, and Management Commentary
- Offering Structure: The notes are unsecured and unsubordinated.
- Underwriters:
- Joint Book-Running Managers: Ladenburg Thalmann & Co. Inc. and Janney Montgomery Scott LLC.
- Lead Manager: National Securities Corporation (a subsidiary of National Holdings Corporation).
- Securities Registered: Common Shares (Ticker: SACH) and 7.125% Notes due 2024 (Ticker: SCCB) are listed on NYSE American LLC.
- Emerging Growth Company Status: The registrant is an emerging growth company.
Important Facts for Investor Verification
- Verify the final pricing, interest rate, and total volume of the new five-year notes once the offering is completed.
- Review the attached Press Release (Exhibit 99.1) for specific details on the use of proceeds.
- Confirm the impact of this new debt issuance on the Company's existing leverage ratios and liquidity position in subsequent filings.
- Note that the filing references a shelf registration statement (No. 333-227906) effective since November 2018.