Gladstone Land Corporation Files for Public Offering of 6.00% Series C Cumulative Redeemable Preferred Stock

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[{"type":"text","content":"MCLEAN, Va., Feb. 20, 2020 (GLOBE NEWSWIRE) -- 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 400,000 shares (the “Offering”) of its newly-designated 6.00% Series C Cumulative Redeemable Preferred Stock (the “Series C Preferred Stock”) at an offering price of $25.00 per share (the “Primary Offering”), and up to 120,000 shares of Series C Preferred Stock pursuant to a dividend reinvestment plan at a price of $22.75 per share to those stockholders who participate in such dividend reinvestment plan (the “DRIP Offering”). The Company expects up to $10.00 million in gross proceeds from the Primary Offering and up to $2.73 million from the DRIP Offering and an aggregate of approximately $11.83 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 C Preferred Stock are sold in the Primary Offering and the DRIP 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 C Preferred Stock is being offered by Gladstone Securities on a “reasonable best efforts” basis pursuant to a Dealer Manager Agreement dated as of February 20, 2020, entered into between the Company and Gladstone Securities (the “Dealer Manager Agreement”). The Dealer Manager Agreement provides for the sale of up to 20,000,000 shares of Series C Preferred Stock in the Primary Offering and up to 6,000,000 in the DRIP Offering and the Company intends to file a new registration statement on Form S-3 and a related prospectus supplement in March of 2020 in order to register and offer for sale the entire amount of Series C Preferred Stock pursuant to the terms of the Dealer Manager Agreement.\n The Company expects that the offering of Series C Preferred Stock will terminate on the date that is the earlier of (1) June 1, 2025 (unless earlier terminated or extended by our Board of Directors) and (2) the date on which all 20,000,000 shares of Series C Preferred Stock offered in the Primary Offering are sold. The offering period for the dividend reinvestment p...

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