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Allegiancy Amends Offering Size, Taps WR Hambrecht + Co as Lead Underwriter

Allegiancy, a commercial real estate asset management firm based in Richmond, Virginia, filed its first amendment to its Regulation A Offering Statement, naming WR Hambrecht + Co as its lead underwriter, and adjusting the raise to $30 million. In keeping with this filing, Allegiancy has engaged WR Hambrecht + Co to lead the placement of the offering.

The DI Wire reported when Allegiancy filed the original offering back in September, as well the recent board appointment of the former president and chief executive officer of The Rockefeller Group.

Allegiancy is among the first companies in the U.S. to capitalize on the new Reg A+ rules. Last year, under the previous Regulation A rules, Allegiancy raised $5 million in capital that spurred 400 percent growth for the company. With the injection of capital, Allegiancy doubled in size, tripled the number of its employees and then doubled its assets under management again in June when it closed its first asset management portfolio acquisition. Allegiancy’s growth earned the company a place in the top half of the Inc. 5000 list in 2015. In July, the company doubled the size of its headquarters with a move to a new office in Richmond.

“Allegiancy intends to use the proceeds of this offering to grow its operations, organically and through new acquisitions, as well as investing in its proprietary technology platform and new employees to support this growth,” said Allegiancy chief executive officer Steve Sadler. He continued, “We are delighted to partner with WR Hambrecht + Co on this offering. With the deep resources of WR Hambrecht behind us, we anticipate a robust, fruitful capital raise that will propel Allegiancy on to further growth.”

WR Hambrecht + Co was founded in January 1998 to identify high prospect growth-stage companies, and then enable access to the capital necessary to fund development, marketing and infrastructure.

Allegiancy is an asset management firm for commercial real estate owners and investors with a technology-enabled operating platform and focus on serving as the owners’ advocate.