Hard money lender, and REIT, Sachem Capital (SACH) has announced they are ‘re-opening” the currently outstanding 7.75% baby bond issue (SCCC).
No offering price, no number of shares to be sold has been announced although I expect the offering price to be $24.75 to $25/share.
This issue was originally sold on 8/26/2020. This issue was small–just 520,000 plus over allotment. The issue was reopened 10/20/2020 and another 520,000 shares were sold. The issue had been trading at $25.07/share today–the issue had just gone ex-dividend for about 48 cents a few days ago.
NOTE–this offering was announced late in the day and no negative reaction was logged this trading day in the pricing of the outstanding shares–but normally we will see a setback in prices with more shares being sold. aview made note of the offering on the Reader Initiated Alerts page today at 3:25pm.