Angel Oak Mortgage, Inc. has launched its initial public offering with 8,050,000 shares of its common stock pursuant to a registration statement on Form S-11 filed with the Securities and Exchange Commission.
The company expects the initial public offering price to be between $20.00 and $21.00 per share and also expects to grant the underwriters a 30-day option to purchase up to an additional 1,207,500 shares of its common stock.
Its common stock has been approved for listing, subject to official notice of issuance, on the New York Stock Exchange under the symbol “AOMR.”
Angel Oak intends to use the net proceeds from the offering to acquire non-qualified (“non-QM”) mortgage loans and other target assets primarily sourced from affiliates of Angel Oak Capital Advisors, LLC, or other target assets through the secondary market in a manner consistent with the company’s strategy and investment guidelines described in its preliminary prospectus, and for general corporate purposes.
Wells Fargo Securities, BofA Securities, Morgan Stanley and UBS Investment Bank are acting as the joint book-running managers for the offering. B. Riley Securities is acting as a book-runner for the offering, and Nomura and Oppenheimer & Co. are acting as the co-managers for the offering.