Gladstone Land Corporation Announces Closing of Offering of 1,150,000 Shares of its Common Stock for Gross Proceeds of Approx...
13 September 2017 - 6:05AM
Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today
announced that it closed its previously announced offering of
1,000,000 shares of its common stock at a public offering price of
$12.25 per share on September 12, 2017. Simultaneously with
the closing of the offering, the underwriters exercised in full
their option to purchase an additional 150,000 shares of common
stock on the same terms to cover over-allotments, resulting in a
total issuance of 1,150,000 shares of common stock for gross
proceeds of approximately $14.1 million and net proceeds of
approximately $13.3 million, after payment of underwriting
discounts and commissions and estimated offering expenses.
Janney Montgomery Scott LLC, Ladenburg
Thalmann & Co. Inc., Nomura Securities International,
Inc., FBR Capital Markets & Co., a B. Riley Financial Company,
and Oppenheimer & Co. Inc., acted as joint book-running
managers for the offering and Maxim Group LLC, National Securities
Corporation and Wedbush Securities Inc. served as co-managers.
The Company intends to use the net proceeds from
this offering to repay existing indebtedness, which, in turn, will
be used to fund future property acquisitions and for other general
corporate purposes.
This offering was made pursuant to the Company's
effective shelf registration statement filed on Form S-3 with the
Securities and Exchange Commission (File No. 333-217042). The
final prospectus supplement for the offering, dated September 8,
2017, and related base prospectus dated April 12, 2017 are
available on the SEC website at www.sec.gov or by contacting Janney
Montgomery Scott LLC at 60 State Street, Boston, MA 02109,
Attention: Equity Capital Markets Group, or by email at
prospectus@janney.com.
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:
Gladstone Land Corporation is a publicly-traded
agricultural real estate investment trust that owns farmland and
farm-related properties located in major agricultural markets in
the United States. The Company is not a grower but is only a
landlord, leasing its farms to corporate and independent farmers.
The Company currently owns 72 farms, comprised of 61,794 total
acres in 9 different states across the U.S., valued at
approximately $531 million. The current distribution is $0.044 per
month per common share. Additional information can be found at
www.GladstoneLand.com and www.GladstoneFarms.com.
All statements contained in this press release,
other than historical facts, may constitute "forward-looking
statements" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Words such as
"anticipates," "expects," "intends," "plans," "believes," "seeks,"
"estimates" and variations of these words and similar expressions
are intended to identify forward-looking statements. Readers should
not rely upon forward-looking statements because the matters they
describe are subject to known and unknown risks and uncertainties
that could cause the Company's intended use of proceeds, business,
financial condition, liquidity, results of operations, funds from
operations or prospects to differ materially from those expressed
in or implied by such statements. Such risks and uncertainties are
disclosed under the caption "Risk Factors" of the Company's Annual
Report on Form 10-K for the fiscal year ended December 31,
2016, as filed with the SEC on February 21, 2017 and its other
filings with the Securities and Exchange Commission including the
preliminary prospectus supplement and the final prospectus
supplement. The Company cautions readers not to place undue
reliance on any such forward-looking statements which speak only as
of the date made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise except as
required by law.
For further information: Gladstone Land,
703-287-5893
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