Company: LANDO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001495240-25-000021
Chunk: 46

Company: GLADSTONE LAND Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 COMMITMENTS AND CONTINGENCIES

21

LitigationIn the ordinary course of business, we may be involved in legal proceedings from time to time.  We are not currently subject to any material known or threatened litigation.

NOTE 9.  EQUITY

Registration StatementOn March 28, 2023, we filed a universal shelf registration statement on Form S-3, as amended (File No. 333-270901), with the SEC (the “2023 Registration Statement”).  The 2023 Registration Statement, which was declared effective by the SEC on April 13, 2023, permits us to issue up to an aggregate of $1.5 billion in securities consisting of common stock, preferred stock, warrants, debt securities, depository shares, subscription rights, and units, including through separate, concurrent offerings of two or more securities.  Through June 30, 2025, we have issued a total of 176,195 shares of Series E Preferred Stock for gross proceeds of approximately $4.4 million and 470,676 shares of common stock for gross proceeds of approximately $6.8 million under the 2023 Registration Statement.Equity Issuances Series E Preferred StockOn November 9, 2022, we filed a prospectus supplement with the SEC for a continuous public offering (the “Series E Offering”) of up to 8,000,000 shares of our Series E Preferred Stock on a “reasonable best efforts” basis through Gladstone Securities at an offering price of $25.00 per share.  See Note 7, “Related-Party Transactions—Gladstone Securities—Dealer-Manager Agreement,” for a discussion of the commissions and fees to be paid to Gladstone Securities in connection with the Series E Offering.No shares of the Series E Preferred Stock were sold during either of the three or six months ended June 30, 2025.  The following table provides information on sales of our Series E Preferred Stock during the three and six months ended June 30, 2024 (dollars in thousands, except per-share amounts):Three months ended June 30,Six Months Ended June 30,20242024Number of shares sold800 12,140 Weighted-average offering price per share$25.00 $25.00 Gross proceeds$20 $304 Net proceeds(1)$18 $273 (1)Net of Selling Commissions, Dealer-Manager Fees, and underwriting discounts.In addition