Company: LANDO
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001495240-25-000012
Chunk: 101

Company: GLADSTONE LAND Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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 the Series E Offering.No shares of the Series E Preferred Stock were sold during the three months ended March 31, 2025.  The following table provides information on sales of our Series E Preferred Stock during the three months ended March 31, 2024 (dollars in thousands, except per-share amounts):Three Months Ended March 31,2024Number of shares sold11,340 Weighted-average offering price per share$25.00 Gross proceeds$284 Net proceeds(1)$255 (1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.In addition, during the three months ended March 31, 2025, 800 shares of Series E Preferred Stock were tendered for optional redemption, which we satisfied with an aggregate cash payment of approximately $18,000.  No shares of the Series E Preferred Stock were tendered for optional redemption during the three months ended March 31, 2024.

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The Series E Offering will terminate on the date (the “Series E Termination Date”) that is the earlier of (i) December 31, 2025 (unless terminated or extended by our Board of Directors) and (ii) the date on which all 8,000,000 shares of Series E Preferred Stock offered in the Series E Offering are sold.  There is currently no public market for shares of Series E Preferred Stock.  We intend to apply to list the Series E Preferred Stock on Nasdaq or another national securities exchange within one calendar year of the Series E Termination Date; however, there can be no assurance that a listing will be achieved in such timeframe, or at all.Common Stock—At-the-Market ProgramWe have entered into equity distribution agreements (commonly referred to as “at-the-market agreements”) with Virtu Americas LLC and Ladenburg & Co. Inc. (each a “Sales Agent”), that, as amended, currently permit us to issue and sell, from time to time and through the Sales Agents, shares of our common stock having an aggregate offering price of up to $500.0 million (the “ATM Program”).  We did not sell any shares of common stock under the ATM Program during either of the three months ended March 31, 2025 or 2024.Repurchase ProgramOn May 17, 2024, our Board of Directors approved a share repurchase program authorizing us to repurchase up to $20.0 million of our 6.00%