Notable News to Watch: Gladstone Land Corporation (NASDAQ:LAND)

On Monday Gladstone Land Corp (LAND) stock price moved positive at 0.66%. Its total market capitalization is $255012666. Its day lowest price was $12.1 and its hit its day highest price at $12.21. The stock recent volume is 82567 shares in comparison to its average trading volume of 100273 shares. Looking at the stock’s price level on the past 52-week graph, LAND recorded a 52-week high of $13.85 and its 52-week low of $11.12.

On Nov. 25, 2019, Gladstone Land Corporation (NASDAQ:LAND) disclosed that it has sold over $100,000,000 (4,224,377 shares) of its continuous registered public offering of 6,000,000 shares of its 6.00% Series B Cumulative Redeemable Preferred Stock (the Series B Preferred Stock) since filing a prospectus supplement on May 31, 2018. The Company’s first sale of Series B Preferred Stock occurred on June 25, 2018.

We continue to be impressed by the reception of our Series B Preferred Stock offering in the independent broker-dealer and registered investment advisor channels. We passed the 50% mark just a short while ago and now we’re already beyond the $100 million milestone.  With less than $50 Million remaining in our Series B Preferred Stock offering, we’re excited to see the offering fully subscribed in the near term. Since we rolled out this preferred offering in May of 2018, we’ve used the proceeds to grow our farmland portfolio to approximately 87,000 acres worth about $876 million. We have now acquired more than $250 million worth of farmland so far in 2019, said David Gladstone, President of Gladstone Land.

The offering of Series B Preferred Stock will terminate on the date that is the earlier of June 1, 2023 (unless earlier terminated or extended by the Company’s Board of Directors) or the date on which all 6,000,000 shares offered are sold (the Termination Date). The Company intends to use the net proceeds from the Series B Preferred Stock offering to purchase more farmland and for other general corporate purposes. There is currently no public market for shares of Series B Preferred Stock; however, the Company intends to apply to list the Series B Preferred Stock on Nasdaq or another national securities exchange within one calendar year of the Termination Date. There can be no assurance that a listing will be achieved in such timeframe, or at all.

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