Sutherland Asset Management Launches IPO

(RTTNews) - Sutherland Asset Management Corporation announced that it has commenced an initial public offering of 8.06 million shares of common stock of the Company. The offering consists of 6.05 million shares being offered by the Company and 2.02 million shares being offered by selling stockholders.

The company has set an initial public offering price range for the offering at between $15.00 and $16.00 per share, which takes into account a 0.97898-for-1 reverse split of its shares.

The Company and the selling stockholders will grant the underwriters a 30-day option to purchase up to an additional 1.21 million shares.

The shares have been approved for listing on the New York Stock Exchange, subject to official notice of issuance, under the symbol "SLD."

The proceeds from the sale of shares by the Company in the offering will be used to acquire and originate small-balance commercial loans, or SBC loans, and related assets in accordance with the Company's business strategy and for general business purposes.

The company noted that it will not receive any proceeds from the sale of shares by the selling stockholders.