Gladstone Land Prices Initial Public Offering
MCLEAN, Va., Jan. 28, 2013 /PRNewswire/ -- Gladstone Land Corporation (NASDAQ: LAND) today announced the pricing of its initial public offering of 3,333,334 shares of common stock at a price to the public of $15.00 per share. The shares are expected to begin trading on The NASDAQ Global Market under the ticker symbol "LAND" on Tuesday, January 29, 2013. All of the shares are being offered by Gladstone Land. In addition, Gladstone Land has granted the underwriters a 30-day option to purchase an aggregate of up to an additional 500,000 shares at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments. Gladstone Land expects to receive net proceeds of approximately $45.3 million from the offering and intends to use the net proceeds to buy farms and farm-related properties and to use the balance for other general corporate purposes.
Janney Montgomery Scott LLC is acting as sole book runner for the initial public offering. JMP Securities LLC is acting as co-lead manager, and J.J.B. Hilliard, W.L. Lyons, LLC, Ladenburg Thalmann & Co. Inc., Maxim Group LLC, National Securities Corporation, Sidoti & Company, LLC, Dominick & Dominick LLC, Boenning & Scattergood, Inc. and Southwest Securities, Inc. are acting as co-managers for the initial public offering.
The offering of these securities will be made only by means of a prospectus. A copy of the prospectus may be obtained from the offices of Janney Montgomery Scott LLC, Attention: Equity Capital Markets Group, 60 State, 35 th Floor, Boston, MA 02109, or by email at email@example.com.A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on January 28, 2013. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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