Sunrise Realty Trust, Inc. (NASDAQ:SUNS), a real estate investment trust, has reported several significant corporate actions, including modifications to security holder rights, board reconstitution, and a forward stock split, according to its recent 8-K filing with the Securities and Exchange Commission.
Effective Monday, the company amended its charter and bylaws, impacting shareholder rights. Details of these changes are documented in the Information Statement under "Description of Capital Stock," which is incorporated by reference in the filing.
The board of directors has been expanded to five members. As of Sunday, Leonard Tannenbaum continues as Executive Chairman, with Brian Sedrish serving as CEO. Joining them are Alexander Frank as Lead Independent Director, Jodi Hanson Bond, and James Fagan. The board is now structured into three classes, with staggered terms to provide continuity.
In conjunction with their appointments, the new directors have joined various board committees, including Audit and Valuation, Nominating and Corporate Governance, and Compensation Committees. The directors' compensation and indemnification agreements are detailed in the Information Statement and are consistent with Maryland law.
Moreover, the executive team has been confirmed with Brian Sedrish as CEO, Brandon Hetzel as CFO and Principal Accounting Officer, Leonard Tannenbaum as Executive Chairman, and Robyn Tannenbaum as President. Their biographical information and compensation details are available in the Information Statement.
On the regulatory front, the company has adopted a new Code of Business Conduct and Ethics, applicable to all employees, officers, and directors, and will be accessible on the company's website.
Furthermore, SUNS has executed a forward stock split, increasing the number of outstanding shares to 6,889,031. This action is expected to take effect on the distribution date of July 9, 2024, when SUNS common stock will begin trading on the Nasdaq.
On Wednesday, SUNS and its affiliate entered into a credit facility of approximately $35.2 million for refinancing a property in Austin, Texas, with SUNS committing about $14.1 million. The loans bear interest at SOFR plus 4.25% and have a three-year maturity with potential extensions.
These developments follow the planned separation of AFC Gamma, Inc.'s commercial real estate portfolio into the newly formed, independent SUNS. The Information Statement, dated July 2, 2024, provides further details and will be mailed to stockholders of record as of July 8, 2024.
The information presented is based on the company's SEC filing and is not an endorsement of SUNS' claims or future performance.
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