MCLEAN, Va., May 13, 2015 (GLOBE NEWSWIRE) -- Gladstone Land Corporation (Nasdaq:LAND) (the "Company") today announced the pricing of its public offering of 1,250,000 shares of common stock, at a price to the public of $11.40 per share, for a total of approximately $14.3 million of gross proceeds and a total of approximately $13.3 million of net proceeds to the Company after deducting underwriting discounts, commissions, fees and estimated offering expenses payable by the Company. Janney Montgomery Scott LLC, Oppenheimer & Co. Inc., JMP Securities LLC and Ladenburg Thalmann & Co. Inc., are serving as the joint book running managers for the offering. Maxim Group LLC and J.J.B. Hilliard, W.L. Lyons, LLC are serving as co-managers.
The offering is expected to close on May 15, 2015, subject to the satisfaction of customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 187,500 shares to cover overallotments, if any.
The Company intends to use the net proceeds from this offering to repay existing indebtedness, fund pending and future property acquisitions and for other general corporate purposes.
A registration statement relating to the offering of the Company's shares of common stock discussed above was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on May 13, 2015. To obtain a copy of the prospectus for this offering, 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 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 does not act as a grower and is only a landlord, leasing its farms to corporate and independent farmers. The Company currently owns 34 farms, comprised of 8,789 acres in 5 different states across the U.S., valued at approximately $213 million. Additional information can be found at www.GladstoneLand.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 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" in preliminary prospectus contained in the registration statement filed by the Company with the SEC on May 11, 2015, and in the Company's annual and periodic reports and other documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov. The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. Except as required by law, 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.
CONTACT: For further information contact Investor Relations at 703-287-5893.
Source:Gladstone Land Corporation