Angel Oak Mortgage, a non-QM-focused REIT, has lowered the price of its initial public offering to $19 a share – below its expected range of $20 to $21 per unit.
The Atlanta-based firm started trading on the New York Stock Exchange on Wednesday under the ticker “AOMR.” Originally, it anticipated selling 8.05 million shares of its common stock, raising up to $150 million.
But in its latest release, Angel Oak cut back its offerings to 7.2 million units with gross proceeds of $136.8 million, which do not include allotments granted to underwriters.