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Gladstone Land Corporation Announces Conditional Optional Redemption of all Outstanding Shares of Its Series A Preferred Stock
MCLEAN, VA / ACCESSWIRE / January 12, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (the "Company"), today announced the conditional optional redemption of
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / January 12, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (the \"Company\"), today announced the conditional optional redemption of all of the outstanding shares of its 6.375% Series A Cumulative Term Preferred Stock, par value $0.001 per share (the \"Series A Preferred Stock\"). The optional redemption is contingent upon the closing of an offering of the Company's Series D Cumulative Term Preferred Stock on or prior to February 11, 2021, with net proceeds to the Company sufficient to effect the redemption of the Series A Preferred Stock. The Company may waive the contingencies with respect to the redemption, may authorize a partial redemption and may cancel the redemption at its sole discretion. There can be no assurance that the Company will complete the redemption.Notice of redemption on a conditional basis will be sent and publicized with respect to the Series A Preferred Stock, with a conditional redemption date of February 12, 2021. The Series A Preferred Stock will be redeemed at a price equal to $25.0486979 per share, representing the payment of the liquidation preference of $25.00, plus an amount equal to accrued and unpaid dividends to but excluding February 12, 2021 in the amount of $0.0486979 per share.The Series A Preferred Stock (Nasdaq: LANDP; CUSIP No. 376549 200) is held in book-entry form through The Depository Trust Company (\"DTC\") and will be redeemed in accordance with the procedures of DTC. After the redemption date, shares of Series A Preferred Stock will no longer be outstanding and all rights with respect to such shares will cease and terminate, except the right to payment of the redemption price. Also upon redemption, the Series A Preferred Stock will be delisted from trading on The Nasdaq Global Market.Payment to DTC will be made by Computershare, the Company's redemption agent for the Series A Preferred Stock. Questions regarding redemption of the Series A Preferred Stock or the procedures therefor may be referred to Computershare at 150 Royall Street, Canton, MA 02021, Attn: Corporate Actions, Telephone No.: (855) 396-2084.This press release does not constitute a notice of redemption under the Articles Supplementary governing the Series A Preferred Stock and is qualified in its entirety by reference to the notice of redemption issued by the Company.About Gladstone Land C...