Item 7.01. Regulation FD Disclosure.
On January 12, 2021, Gladstone Land Corporation (the "Company") issued a press
release (the "Offering Press Release") announcing that it is commencing an
underwritten public offering of shares of its newly-designated Series D
Cumulative Term Preferred Stock (the "Series D Preferred Stock") pursuant to its
shelf registration statement on Form S-3 (File No. 333-236943). The public
offering price and other terms are to be determined by negotiations between the
Company and the underwriters. In addition, the Company expects to grant to the
underwriters a 30-day option to purchase additional shares of Series D Preferred
Stock on the same terms and conditions, solely to cover over-allotments, if any.
The Offering Press Release also provides that the Company intends to use the net
proceeds of the sale of the Series D Preferred Stock to optionally redeem all
outstanding shares of its 6.375% Series A Cumulative Term Preferred Stock
("Series A Preferred Stock"), to fund property acquisitions and pay related
property acquisition expenses, and for other general corporate purposes.
On January 12, 2021, the Company issued a press release (the "Redemption Press
Release") announcing the proposed optional redemption of all outstanding shares
of its Series A Preferred Stock. Such redemption will be contingent on the
closing of the Series D Preferred Stock offering.
Copies of the Offering Press Release and the Redemption Press Release are
furnished herewith as Exhibits 99.1 and 99.2, respectively, to this Current
Report on Form 8-K.
Pursuant to the rules and regulations of the Securities and Exchange Commission,
the information set forth in this Item 7.01 and in the attached exhibits are
deemed to be furnished and shall not be deemed to be filed.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
99.1 Offering Press Release dated January 12, 2021.
99.2 Redemption Press Release dated January 12, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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