Gladstone Land Corporation Announces Preferred Stock Offering
10 8월 2016 - 9:45PM
Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today
announced that it plans to sell shares of a newly-designated Series
A Cumulative Term Preferred Stock (the "Series A 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 A Preferred Stock on the same terms and conditions to cover
over-allotments, if any. Janney Montgomery Scott is serving
as the sole book-running manager for the offering, and J.J.B.
Hilliard, W.L. Lyons, LLC, Ladenburg Thalmann, and Wunderlich are
serving as co-lead managers for the offering. Oppenheimer &
Co., Maxim Group LLC and National Securities Corporation are
serving as co-managers for the offering.
The Company intends to use the net proceeds from its offering of
the Series A Preferred Stock (the “Offering”) to repay any
outstanding indebtedness under its line of credit and for other
general corporate purposes.
Investors are advised to carefully consider the investment
objectives, risks and charges and expenses of the Company before
investing. The preliminary prospectus supplement, dated August 10,
2016, and the accompanying prospectus dated April 2, 2014, which
have been filed with the Securities and Exchange Commission,
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 with the
Securities and Exchange Commission (File No. 333-194539). To obtain
a copy of the preliminary prospectus supplement and the final
prospectus supplement (when available) for this offering, please
contact: Janney Montgomery Scott LLC, 1717 Arch Street,
Philadelphia, PA 19103, Attention: Taxable Fixed Income Department
or 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 that it
leases to corporate and independent farmers. The Company
currently owns 48 farms, comprised of 23,857 acres in 7 different
states across the U.S., valued at approximately $342 million.
Information on the business activities of the Company can be found
at www.gladstoneland.com.
Forward-Looking Statements
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” and “plans,” 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, 2015, as filed with the SEC on February 23, 2016
and our other filings with the Securities and Exchange Commission,
including the 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.
For further information: Investor Relations, +1-703-287-5893
Gladstone Land (NASDAQ:LAND)
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