Business
Gladstone Land Corporation Announces Pricing of Preferred Stock Offering
MCLEAN, VA / ACCESSWIRE / January 13, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (the "Company") announced that it has priced its public offering of
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / January 13, 2021 / Gladstone Land Corporation (NASDAQ:LAND) (the \"Company\") announced that it has priced its public offering of 2,100,000 shares of its newly designated 5.00% Series D Cumulative Term Preferred Stock (the \"Series D Preferred Stock\") at a price to the public of $25.00 per share. The Company also granted the underwriters a 30-day option to purchase up to 315,000 additional shares of Series D Preferred Stock solely to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on or about January 19, 2021. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses, are expected to be approximately $50.7 million (exclusive of the underwriters' over-allotment option).Janney Montgomery Scott, B. Riley Securities, D.A. Davidson & Co., Ladenburg Thalmann and Oppenheimer & Co. are serving as book-running managers for the offering.The Company intends to use the net proceeds from this offering to fund the optional redemption of all of the outstanding shares of its 6.375% 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 Company's Series D Preferred Stock offering.The offering is being conducted as a public offering under the Company's effective shelf registration statement filed on Form S-3 (File No. 333-236943) with the Securities and Exchange Commission (the \"SEC\"). 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 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 acquir...