Gladstone Land Corporation (Nasdaq:LAND) announced that it listed its 6.00% Series B Preferred Stock on Nasdaq under the ticker “LANDO.”
Gladstone originally issued the Series B Preferred Stock at $25.00 per share through a $150 million continuous registered non-traded offering, beginning in May 2018, which sold out in March 2020. Under the prospectus supplement for the offering, Gladstone Land intended to list the Series B Preferred Stock on a national securities exchange within one year from the end of the offering. The one-year anniversary of the termination date, or date on which the $150 million offering was sold-out, would have been March 5, 2021. The 6.0% dividend rate (calculated on the $25 per share par value) remains unchanged.
“We are very pleased that we were able [to] list our Gladstone Land Series B Preferred on Nasdaq in less than one year from the end of the offering,” said David Gladstone, chairman and chief executive officer of Gladstone Land. “We are thankful that we were able to raise $150 million from May 2018 through March 2020. By issuing this preferred stock through the registered non-traded channel, we demonstrated that we have access to capital through diverse sources and we think it further underscores investors’ belief in our business model.”
Gladstone Securities LLC, serves as managing broker-dealer for offerings syndicated by the Gladstone Companies, including the Gladstone Land preferred stock offering.