Gladstone Land Corp. filed a new prospectus supplement offering up to 6.0 million shares of its new 6.00% series B cumulative redeemable preferred stock on a reasonable-best-efforts basis at $25.00 apiece.
The offering replaces the offer of series B stock the company made Jan. 10.
The farmland real estate investment trust expects net proceeds of about $131.3 million from the offering, which will go toward repaying existing debt, future acquisitions and other general corporate purposes.
The company expects the offering to end on the earlier of June 1, 2023, or when all 6.0 million shares are sold. Gladstone intends to apply to list the shares on the Nasdaq or another national securities exchange within one year of the offering's termination date.
Gladstone Securities LLC will act as the company's exclusive dealer manager for the offering, while Evolv Capital Partners LLC will serve as the national accounts manager.
