Business
Gladstone Land Corporation Announces Nasdaq Listing of Series B Preferred Stock
MCLEAN, VA / ACCESSWIRE / October 22, 2020 / Gladstone Land Corporation (Nasdaq:LAND) ("Gladstone Land" or the "Company") today announced that it listed its
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / October 22, 2020 / Gladstone Land Corporation (Nasdaq:LAND) (\"Gladstone Land\" or the \"Company\") today announced that it listed its 6.00% Series B Preferred Stock on Nasdaq under the ticker \"LANDO,\" effective October 19, 2020, following the filing of Gladstone Land's Form 8-A12B and Nasdaq's listing certification with the SEC on October 15, 2020.The Company originally issued the Series B Preferred Stock at $25.00 per share through a $150 million continuous registered non-traded offering, beginning in May 2018, which sold out in March 2020. Under the prospectus supplement for the offering, Gladstone Land intended to list the Series B Preferred Stock on a national securities exchange within one year from the end of the offering. The one-year anniversary of the termination date, or date on which the $150 million offering was sold-out, would have been March 5, 2021, but the Company was able to successfully list the shares months earlier. The 6.0% dividend rate (calculated on the $25 per share par value) remains unchanged upon the listing.\"We are very pleased that we were able list our Gladstone Land Series B Preferred on Nasdaq in less than one year from the end of the offering,\" said David Gladstone, Chairman and CEO of Gladstone Land. \"We are thankful that we were able to raise $150 million from May 2018 through March 2020. By issuing this preferred stock through the registered non-traded channel, we demonstrated that we have access to capital through diverse sources and we think it further underscores investors' belief in our business model.\"Gladstone Securities LLC acted as managing broker dealer in the Series B Preferred offering.This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.About Gladstone Land Corporation:Founded in 1997, Gladstone Land is a publicly traded real estate investment trust that acquires and owns farmland and farm-related properties located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers. The Company, which reports the aggregate fair v...