Business
Gladstone Land Corporation Files for Public Offering of 5.00% Series E Cumulative Redeemable Preferred Stock
MCLEAN, VA / ACCESSWIRE / November 9, 2022 / Gladstone Land Corporation (Nasdaq:LAND) (the "Company") today announced that it has filed a new prospectus
About this update from Gladstone Land Corporation
[{"type":"text","content":"MCLEAN, VA / ACCESSWIRE / November 9, 2022 / Gladstone Land Corporation (Nasdaq:LAND) (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 8,000,000 shares (the \"Offering\") of its newly-designated 5.00% Series E Cumulative Redeemable Preferred Stock (the \"Series E Preferred Stock\") at an offering price of $25.00 per share. The Company expects to receive up to $200.0 million in gross proceeds and approximately $175.0 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 E Preferred Stock are sold in the Offering. Gladstone Securities, LLC, an affiliate of the Company (\"Gladstone Securities\"), will serve as the Company's exclusive dealer manager in connection with the Offering. The Series E Preferred Stock is being offered by Gladstone Securities on a \"reasonable best efforts\" basis pursuant to a Dealer Manager Agreement, dated as of November 9, 2022, entered into between the Company and Gladstone Securities.The Company expects that the offering of Series E Preferred Stock will terminate on the date that is the earlier of (1) December 31, 2025 (unless earlier terminated or extended by its Board of Directors) and (2) the date on which all 8,000,000 shares of Series E Preferred Stock offered in the Offering are sold. There is currently no public market for shares of Series E Preferred Stock. The Company intends to apply to list the Series E Preferred Stock on Nasdaq or another national securities exchange within one calendar year of the termination date of the Offering; however, there can be no assurance that a listing will be achieved in such timeframe, or at all.The Offering is currently being conducted as a public offering under the Company's effective shelf registration statement, filed with the SEC (File No. 333- 236943), which became effective on April 1, 2020. To obtain a copy of the prospectus supplement and the related base prospectus for this offering, please contact: Gladstone Securities, LLC, 1521 Westbranch Drive, Suite 100 McLean, Virginia, Attn: John Kent.This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shal...