Sachem Capital Corp. Announces Sale of an Additional $5.25 Million of 8.00% Notes Due 2027
29 Agosto 2022 - 6:20PM
Sachem Capital Corp. (NYSE American: SACH) has sold an additional
$5.25 million original principal amount of its 8.00% unsecured,
unsubordinated notes due 2027 (“Notes”) pursuant to the exercise of
the underwriters’ over-allotment option in full, bringing the gross
proceeds of the offering of the Notes to $40.25 million and the net
proceeds to approximately $38.8 million after payment of
underwriting discounts and commissions and estimated offering
expenses payable by the company.
The Notes trade under the trading symbol
“SCCG.”
The Notes were offered pursuant to a Prospectus
Supplement, dated August 17, 2022, and the accompanying base
prospectus, dated February 25, 2022. Ladenburg Thalmann & Co.
Inc., InspereX LLC, William Blair & Company, LLC and Janney
Montgomery Scott LLC, acted as joint book-running managers for the
offering.
About Sachem Capital Corp.
Sachem Capital Corp. specializes in originating,
underwriting, funding, servicing, and managing a portfolio of first
mortgage loans. It offers short-term (i.e., three years or less)
secured, nonbanking loans (sometimes referred to as “hard money”
loans) to real estate investors to fund their acquisition,
renovation, development, rehabilitation or improvement of
properties located primarily in Connecticut. The company does not
lend to owner occupants. The company’s primary underwriting
criteria is a conservative loan to value ratio. The properties
securing the company’s loans are generally classified as
residential or commercial real estate and, typically, are held for
resale or investment. Each loan is secured by a first mortgage lien
on real estate. Each loan is also personally guaranteed by the
principal(s) of the borrower, which guaranty may be collaterally
secured by a pledge of the guarantor’s interest in the borrower.
The company also makes opportunistic real estate purchases apart
from its lending activities. The company believes that it qualifies
as a real estate investment trust (REIT) for federal income tax
purposes and has elected to be taxed as a REIT beginning with its
2017 tax year.
Forward Looking Statements
This press release may contain forward-looking
statements. All statements other than statements of historical
facts contained in this press release, including statements
regarding our future results of operations and financial position,
strategy and plans, and our expectations for future operations, are
forward-looking statements. The words “anticipate,” “estimate,”
“expect,” “project,” “plan,” “seek,” “intend,” “believe,” “may,”
“might,” “will,” “should,” “could,” “likely,” “continue,” “design,”
and the negative of such terms and other words and terms of similar
expressions are intended to identify forward- looking
statements.
We have based these forward-looking statements
largely on our current expectations and projections about future
events and trends that we believe may affect our financial
condition, results of operations, strategy, short-term and
long-term business operations and objectives and financial needs.
These forward-looking statements are subject to several risks,
uncertainties and assumptions as described in our Annual Report on
Form 10-K for 2021 filed with the U.S. Securities and Exchange
Commission on March 31, 2022. Because of these risks, uncertainties
and assumptions, the forward-looking events and circumstances
discussed in this press release may not occur, and actual results
could differ materially and adversely from those anticipated or
implied in the forward-looking statements.
You should not rely upon forward-looking
statements as predictions of future events. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, level of
activity, performance or achievements. In addition, neither we nor
any other person assumes responsibility for the accuracy and
completeness of any of these forward-looking statements. We
disclaim any duty to update any of these forward-looking
statements.
All forward-looking statements attributable to
us are expressly qualified in their entirety by these cautionary
statements as well as others made in this press release. You should
evaluate all forward-looking statements made by us in the context
of these risks and uncertainties.
Investor & Media
Contact:Crescendo Communications, LLCEmail:
sach@crescendo-ir.comTel: (212) 671-1021
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