Agree Realty Corporation announced on October 24, 2024, the pricing of its public offering of 4,400,000 shares of common stock at $74.00 per share. This offering was upsized from the previously announced size of 4,000,000 shares.
The company also granted the underwriters a 30-day option to purchase up to an additional 660,000 shares of common stock, potentially bringing the total to 5,060,000 shares if the option is fully exercised. The offering is expected to close around October 28, 2024.
Agree Realty will not initially receive proceeds from the sale of shares by the forward purchasers. The net proceeds, upon future settlement of the forward sale agreements, are intended for general corporate purposes, including funding property acquisitions, development activities, or repaying outstanding indebtedness under its revolving credit facility.
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