RTTNews | Jun 18, 2021 01:40PM EDT

13:39 Friday, June 18, 2021 (RTTNews.com) - Shares of Ares Commercial Real Estate Corp. (ACRE) are slipping nearly 9% in Friday's trading. The company announced that it has priced its offering of 6.5 million shares for total proceeds of about $102.8 million.

ACRE is currently trading at $14.83, down $1.48 or 9.07%, on the Nasdaq. The stock traded between $7.82 and $16.98 in the 52-week period.

The company plans to use the proceeds from the offering for general corporate purposes, including investing in mortgage loans and other target assets.

Ares Commercial Real Estate Corporation is a specialty finance company primarily engaged in originating and investing in commercial real estate loans and related investments.

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