Gladstone Commercial Corporation Files for Public Offering of 6.00% Series F Cumulative Redeemable Preferred Stock

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[{"type":"text","content":"MCLEAN, Va., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (Nasdaq: GOOD) (the “Company”) today announced that it has filed a new prospectus supplement with the U.S. Securities and Exchange Commission (“SEC”) for a continuous public offering of up to 20,000,000 shares (the “Offering”) of its newly-designated 6.00% Series F Cumulative Redeemable Preferred Stock (the “Series F Preferred Stock”) at an offering price of $25.00 per share (the “Primary Offering”), and up to 6,000,000 shares of Series F Preferred Stock pursuant to a dividend reinvestment plan at a price of $22.75 per share to those stockholders who participate in such dividend reinvestment plan (the “DRIP Offering”). The Company expects up to $500.0 million in gross proceeds from the Primary Offering and up to $136.5 million from the DRIP Offering and an aggregate of approximately $591.5 million in net proceeds, after payment of dealer manager fees and selling commissions and estimated expenses of the offering payable by the Company, assuming all shares of the Series F Preferred Stock are sold in the Primary Offering and the DRIP Offering. Gladstone Securities, LLC, an affiliate of the Company, will serve as the Company’s exclusive dealer manager in connection with the Offering. The Series F Preferred Stock is being offered by Gladstone Securities on a “reasonable best efforts” basis.\n The Company expects that the offering of Series F Preferred Stock will terminate on the date that is the earlier of (1) June 1, 2025 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 20,000,000 shares of Series F Preferred Stock offered in the primary offering are sold. The offering period for the dividend reinvestment plan will terminate on the earlier of (1) the issuance of all 6,000,000 shares of Series F Preferred Stock under the dividend reinvestment plan and (2) the listing of the Series F Preferred Stock on the Nasdaq Global Select Market (“Nasdaq”) or another national securities exchange. There is currently no public market for shares of Series F Preferred Stock. The Company intends to apply to list the Series F Preferred Stock on Nasdaq or another national securities exchange within one calendar year of the Termination Date, however, there can be no assurance that a listing will be achieved in such timeframe, or...

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