Business
Gladstone Land Corporation Announces Preferred Stock Offering
MCLEAN, VA / ACCESSWIRE / January 12, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today announced that it plans to sell shares of its
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 that it plans to sell shares of its newly-designated Series D Cumulative Term Preferred Stock (the \"Series D Preferred Stock\") in an underwritten public offering. The public offering price and other terms are to be determined by negotiations between the Company and the underwriters. The Company also plans to grant the underwriters a 30-day option to purchase additional shares of Series D Preferred Stock, on the same terms and conditions, solely to cover over-allotments, if any. Janney Montgomery Scott, B. Riley Securities, D.A. Davidson & Co., Ladenburg Thalmann and Oppenheimer & Co. are serving as the book-running managers for the offering.The Company intends to use the net proceeds from its offering of the Series D Preferred Stock (the \"Offering\") to fund the optional redemption of all of its outstanding Series A Cumulative Term Preferred Stock, to fund property acquisitions and to pay related property acquisition expenses, and for other general corporate purposes. Such optional redemption will be contingent upon the closing of the Offering.Prospective investors in the Series D Preferred Stock are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. The preliminary prospectus supplement, dated January 12, 2021, and the accompanying prospectus dated April 1, 2020, which have been filed with the Securities and Exchange Commission (the \"SEC\"), contain this and other information about the Company and should be read carefully by prospective investors before investing.The Offering is being conducted as a public offering under the Company's effective shelf registration statement filed on Form S-3 with the SEC (File No. 333-236943). To obtain a copy of the preliminary prospectus supplement, dated January 12, 2021, and the final prospectus supplement (when available) for this offering, please contact: Janney Montgomery Scott LLC, 1717 Arch Street, Philadelphia, PA 19103, Attention: Fixed Income Capital Markets or [email protected] 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 o...