Business Context and Reporting Period
This Form 8-K filing by Gladstone Commercial Corporation covers the date of September 29, 2010. The report details a specific closing event within the Company's continuous private offering of Senior Common Stock.
Key Financial Metrics
- Shares Issued: 27,666.67 shares of Senior Common Stock issued at the closing.
- Price Per Share: $15.00 gross price per share.
- Net Proceeds: Approximately $370,000 after selling commissions and dealer manager fees.
- Reinvestment Plan Activity: Between August 10, 2010, and September 29, 2010, an aggregate of 65.80 shares were issued under the Distribution Reinvestment Plan in lieu of cash dividends totaling $987.13.
Material Changes
The filing reports the execution of a closing for the previously announced continuous private offering, which allows for the sale of up to 3,333,333 shares of Senior Common Stock. This specific transaction represents a partial fulfillment of that offering capacity.
Guidance, Outlook, and Risks
The filing does not provide forward-looking guidance, management commentary on future outlook, or specific risk factors beyond the standard disclosure that the securities were sold pursuant to Rule 506 exemptions. The issuance was exempt from registration under the Securities Act of 1933 as a private offering to accredited investors without general solicitation.
Investor Verification Checklist
- Verify the total number of shares sold to date under the continuous private offering against the 3,333,333 share limit.
- Confirm the specific selling commissions and dealer manager fees deducted to arrive at the $370,000 net proceeds.
- Review the Company's most recent 10-Q or 10-K to assess the impact of these proceeds on overall liquidity and capitalization.