Sachem Capital Corp. Announces Closing of Initial Public Offering

BRANFORD, Conn.--()--Sachem Capital Corp. (NYSE MKT:SACH) (“the Company”), a real estate finance company specializing in originating, underwriting, funding, servicing and managing a portfolio of short-term, “hard money” real estate loans, today announced the closing of its previously announced initial public offering of 2,600,000 common shares at a price to the public of $5.00 per share. Gross proceeds to the Company from the offering were $13,000,000, before deducting underwriting discounts and commissions and other estimated offering expenses. The Company has granted the underwriters a 45-day option to purchase up to 390,000 additional common shares to cover over-allotments, if any. The Company intends to use the net proceeds of the offering primarily to expand its loan portfolio, for capital improvements to its new corporate headquarters and for working capital and general corporate purposes. The Company believes that it qualifies as a Real Estate Investment Trust (“REIT”) and plans to elect to be taxed as a REIT for federal income tax purposes beginning with its 2017 tax year.

Joseph Gunnar & Co., LLC acted as sole book-running manager for the offering and Axiom Capital Management, Inc. acted as co-manager for the offering.

This offering was made pursuant to a Form S-11 registration statement (File No. 333-214323) previously filed with the Securities and Exchange Commission (the “SEC”) and which became effective at 5:00 PM eastern time on February 9, 2017. A final prospectus with respect to this offering was filed with the SEC on February 13, 2017. Electronic copies of the registration statement and the final prospectus relating to this offering may be obtained from the SEC’s website at www.sec.gov or from Joseph Gunnar & Co., LLC, 30 Broad Street, 11th Fl, New York, NY 10004, via telephone at 212-440-9600 or email: prospectus@jgunnar.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sachem Capital Corp.

We are a real estate finance company specializing in originating, underwriting, funding, servicing and managing a portfolio of short-term, “hard money” real estate loans. We offer short-term, secured, non–banking loans to real estate investors to fund their acquisition, renovation, rehabilitation or development and/or improvement of residential or commercial properties located primarily in Connecticut. We are organized and conduct our operations to qualify as a real estate investment trust (“REIT”) for federal income tax purposes.

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 a number of risks, uncertainties and assumptions. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this prospectus 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 prospectus. You should evaluate all forward-looking statements made by us in the context of these risks and uncertainties.

Contacts

Sachem Capital Corp.
John L. Villano, 203-433-4736
Co-Chief Executive Officer

Contacts

Sachem Capital Corp.
John L. Villano, 203-433-4736
Co-Chief Executive Officer