MCLEAN, Va., March 10, 2015 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (Nasdaq:GAIN) (the "Company") today announced that it has entered into an agreement to sell 3,300,000 shares of its common stock at a public offering price of $7.40 per share, raising $24.4 million in gross proceeds and $23.0 million in net proceeds after payment of underwriting discounts and commissions and estimated expenses of the offering payable by the Company. The Company has also granted the underwriters a 30-day option to purchase up to 495,000 additional shares of common stock on the same terms and conditions solely to cover over-allotments, if any. The closing of the transaction is subject to customary closing conditions and the shares are expected to be delivered on March 13, 2015. Janney Montgomery Scott LLC, BB&T Capital Markets, a division of BB&T Securities LLC, Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE MKT:LTS), and Wunderlich Securities, Inc. are serving as the offering's joint book-running mangers and J.J.B. Hilliard, W.L. Lyons, LLC, and Maxim Group LLC are serving as co-managers.
The Company intends to use the net proceeds from this offering to repay outstanding borrowings under its revolving credit facility.
Investors are advised to carefully consider the investment objectives, risks and charges and expenses of the Company before investing. A prospectus supplement, dated March 10, 2015, which will be filed with the Securities and Exchange Commission, and the accompanying prospectus, dated September 4, 2014, which has been filed with the Securities and Exchange Commission, contain this and other information about the Company and should be read carefully 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 (Registration No. 333-181879). To obtain a copy of the prospectus supplement for this offering and the accompanying prospectus, please contact: Janney Montgomery Scott LLC, 60 State Street, Boston, MA 02109, Attention: Equity Capital Markets Group or firstname.lastname@example.org.
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.
Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small- and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. The Company has paid 116 consecutive monthly cash distributions on its common stock. Information on the business activities of all the Gladstone funds can be found at www.gladstonecompanies.com.
CONTACT: For further information contact Investor Relations at (703) 287-5893.
Source:Gladstone Investment Corporation