Alpha Investment, a mortgage lender backed by Omega Commercial Finance, announced terms for its IPO on Thursday.
The Columbus, OH-based company plans to raise $5 million by offering 1 million shares at a price of $5. At the proposed deal size, Alpha Investment would command a fully diluted market value of $44 million. Because its market value is less than $50 million, Alpha Investment is no longer eligible for tracking and will be excluded from Renaissance Capital's stats.
Alpha Investment intends to provide capital directly to borrowers seeking financing for commercial real estate properties either for refinancing or acquisitions. The loans will encompass originating performing commercial first mortgage loans, subordinate financings, and other commercial real estate-related debt. Alpha Investment was acquired by Omega Commercial Finance in 2017 and is led by Omega's CEO Todd Buxton. Alpha Investment is currently traded on the OTC Pink (ALPC) but is not trading.
Alpha Investment was founded in 2013 and plans to list on the Nasdaq under the symbol ALPC. Boustead Securities is the sole bookrunner on the deal.
