Gladstone Land Corporation (NASDAQ:LAND) Files An 8-K Other Events
Item8.01. Other Events.
On March8, 2017, Gladstone Land Corporation (the Company), a
Maryland corporation, and Gladstone Land Limited Partnership (the
Operating Partnership), a Delaware limited partnership, entered
into an underwriting agreement (the Underwriting Agreement) with
Janney Montgomery Scott LLC (Janney), as representative of the
several underwriters named in Schedule A annexed thereto (the
Underwriters). to the terms and conditions of the Underwriting
Agreement, the Company agreed to sell 1,680,000 shares of its
common stock, par value $0.001 per share, at a purchase price per
share to the public of $11.35. to the Underwriting Agreement, the
Company granted the Underwriters a 30-day option to purchase up
to an additional 252,000 shares of common stock on the same terms
and conditions, solely to cover over-allotments, if any. The
common stock was offered and sold to a prospectus supplement,
dated March8, 2017, and a base prospectus, dated April2, 2014,
relating to the Companys effective shelf registration statement
on Form S-3 (File No.333-194539). The Company expects the
transaction to close on or about March13, 2017. Net proceeds from
the offering will be approximately $18.0 million (or
approximately $20.7 million if the Underwriters exercise their
over-allotment option in full) after deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by the Company.
The Underwriting Agreement contains customary representations,
warranties and agreements by the Company, conditions to closing,
indemnification rights and obligations of the parties and
termination provisions. The description of the Underwriting
Agreement set forth above is qualified in its entirety by
reference to the Underwriting Agreement, a copy of which is filed
as Exhibit 1.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
|
Exhibit No. |
Description |
|
| 1.1 |
Underwriting Agreement, dated as of March8, 2017, by and among Gladstone Land Corporation, Gladstone Land Limited Partnership and Janney Montgomery Scott LLC, as representative of the several underwriters in Schedule A annexed thereto. |
|
| 5.1 | Opinion of Venable LLP regarding the legality of shares. | |
| 8.1 | Tax Opinion of Bass, Berry Sims PLC | |
| 23.1 | Consent of Venable LLP (included in Exhibit 5.1). | |
| 23.2 | Consent of Bass, Berry Sims PLC (included in Exhibit 8.1) | |
| 99.1 | Press Release dated March8, 2017. |
About Gladstone Land Corporation (NASDAQ:LAND)
Gladstone Land Corporation is an externally-managed, agricultural real estate investment trust (REIT). The Company is engaged in the business of owning and leasing farmland. The Company’s segment is farmland and farm-related properties. The Company is engaged in leasing its farms to independent farming operations and corporate farming operations. The Company owns approximately 43 farms consisting of over 16,810 total acres across six states in the United States (Arizona, California, Florida, Michigan, Nebraska and Oregon). The Company also owns approximately three cooling facilities and one facility utilized for the storage and assembly of boxes for shipping produce (a box barn). These properties are leased to approximately 33 different, unrelated tenants that are either independent or corporate farming operations. It also leases a small parcel on one of its properties to an oil company. Its properties include San Andreas, West Gonzales, West Beach, Dalton Lane and Keysville Road. Gladstone Land Corporation (NASDAQ:LAND) Recent Trading Information
Gladstone Land Corporation (NASDAQ:LAND) closed its last trading session up +0.03 at 11.03 with 113,614 shares trading hands.
