ADC

Agree Realty Corporation

69.04
USD
0.89%
69.04
USD
0.89%
61.62 80.44
52 weeks
52 weeks

Mkt Cap 4.39B

Shares Out 63.57M

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Agree Realty prices stock offering

Agree Realty (NYSE:ADC) has priced an offering of 5M shares of its common stock at $66.85/SHARE. The underwriters were granted a 30-day option to purchase up to an additional 750K shares of common stock. The company entered into forward sale agreements with Morgan Stanley and Citibank, N.A with respect to the offering. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 5M shares of the common stock that will be delivered in this offering (or an aggregate of 5,750,000 shares if the underwriters exercise their option to purchase additional shares in full). Upon physical settlement of such forward sale agreements on one or more dates specified by the company occurring no later than Sep 29, 2023, the company plans to deliver an aggregate of 5M shares (or an aggregate of 5,750,000 shares if the underwriters exercise their option to purchase additional shares in full) to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price. It will not initially receive any proceeds from the sale of shares by the forward purchasers. Net proceeds, if any, will be used for general corporate purposes.

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