Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Sun, March 7, 6:13 PM

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Slide #2. Gladstone Land Corporation — Preferred Stock Offering

Company:	Gladstone Land Corporation (LANPP)
Date announced:	1/12/2021
Shares Offered:	2,100,000
Date of Pricing:	1/13/2021
Price Per Share:	$25.00
Preferred Stock Offering Details:	Gladstone Land Corporation (NASDAQ:LAND) (the "Company") today announced that it plans to sell shares of its newly-designated Series D Cumulative Term Preferred Stock (the "Series D 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 D Preferred Stock, on the same terms and conditions, solely to cover over-allotments, if any. Janney Montgomery Scott, B. Riley Securities, D.A. Davidson & Co., Ladenburg Thalmann and Oppenheimer & Co. are serving as the book-running managers for the offering. -updated 1/13- 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).