Agree Realty Corp. (ADC) announced the pricing of its public offering of 4.50 million shares of its common stock at a public offering price of $75.70 per share in connection with the forward sale agreement.
The company also granted the underwriter a 30-day option to purchase up to an additional 675,000 shares of common stock. The offering is expected to close on or about April 25, 2025.
The company has entered into a forward sale agreement with Bank of America, N.A. (the "forward purchaser") with respect to 4.50 million shares of its common stock. In connection with the forward sale agreement, the forward purchaser or its affiliates are expected to borrow and sell to the underwriter an aggregate of 4.50 million shares of the common stock that will be delivered in this offering .
The company noted that it intends to deliver, upon physical settlement of the forward sale agreement on one or more dates specified by the company occurring no later than October 26, 2026, an aggregate of 4.50 million shares of its common stock to the forward purchaser in exchange for cash proceeds per share equal to the applicable forward sale price, which will be the public offering price, less underwriting discounts and commissions, and will be subject to certain adjustments as provided in the forward sale agreement.
The company said that it will not initially receive any proceeds from the sale of shares of its common stock by the forward purchaser. The company expects to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreement for general corporate purposes.
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