Agree Realty Prices Public Offering Of 4.40 Mln Shares At $74.00/shr

Agree Realty

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Kaufen / Verkaufen

(RTTNews) - Agree Realty Corp. (ADC) announced the pricing of its public offering of 4.40 million shares of its common stock at a public offering price of $74.00 per share in connection with the forward sale agreements.

The company also granted the underwriters a 30-day option to purchase up to an additional 660,000 shares of common stock. The offering was upsized from the previously announced offering size of 4 million shares of common stock, and the offering is expected to close on or about October 28, 2024.

The Company has entered into forward sale agreements with Citibank, N.A. and Wells Fargo Bank, National Association with respect to 4.40 million shares of its common stock or an aggregate of 5.06 million shares if the underwriters exercise their option to purchase additional shares in full.

The company said it will not initially receive any proceeds from the sale of shares of its common stock by the forward purchasers. The Company expects to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements for general corporate purposes, including to fund property acquisitions and development activity or the repayment of outstanding indebtedness under its revolving credit facility.