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Medalist Diversified REIT Announces Pricing of $12.0 Million Public Offering of Common Stock
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist Diversified REIT (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Southeast region of the U.S., today announced the pricing of a public offering of 8,000,000 shares of its common stock at a price to the public of $1.50 per share, for a total of approximately $12.0 million in gross proceeds. Shares of the Company’s common stock trade on the Nasdaq Capital Market under the ticker symbol “MDRR.” The offering is expected to close on or about April 13, 2021, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering to acquire additional properties, for working capital, for general corporate purposes. The Company has granted the underwriters a 45-day option to purchase up to 1,200,000 additional shares of common stock to cover over allotments, if any.\n\nKingswood Capital Markets, division of Benchmark Investments, Inc. is acting as sole bookrunning manager for the offering. Revere Securities LLC, R.F. Lafferty & Co., Inc. and Spartan Capital Securities LLC are acting as co-managers for the offering.\n\nThe offering of these securities will be made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission.\n\nThe offering is being conducted pursuant to the Company's registration statement on Form S-11 (File No. 333-254504), as amended, previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering, when available, may be obtained from Kingswood Capital Markets, division of Benchmark Investments Inc., 17 Battery Place, Suite 625, New York, NY 10004, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 404-7002.\n\nThis press release does not constitute an offer to sell or solicitation of an offer to buy any securities in the offering. Nor shall there be any sale of these securities in any state or jurisdiction i...