Business
Medalist Diversified REIT Closes $4.6 Million Underwritten Public Offering of Series A Preferred Stock
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (Nasdaq: MDRR) (the “Company”), 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, Inc. (Nasdaq: MDRR) (the “Company”), a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions, announced today the closing of its underwritten public offering of 200,000 shares of the Company’s 8.0% Series A Cumulative Redeemable Preferred Stock, liquidation preference of $25.00 per share, at a public offering price of $23.00 per share with gross proceeds to the Company of $4,600,000 before deducting underwriting discounts, commissions, and expenses. Shares of the Series A Preferred Stock trade on the Nasdaq Capital Market under the symbol “MDRRP.\"\n\n\nThe Company has granted the underwriters a 45-day option to purchase up to an additional 15% of the number of shares of Series A Preferred Stock offered in the public offering to cover overallotments, if any.\n\n\nAegis Capital Corp. served as sole bookrunner for the offering and Maxim Group LLC served as the Company’s financial advisor.\n\n\nThe offering of these securities was made only by means of a prospectus. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\n\n\nElectronic copies of the final prospectus may be obtained by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7th Avenue, 18th floor, New York, NY 10019, by email at [email protected], or by telephone at (212) 813-1010. The final prospectus may also be obtained on the Securities and Exchange Commission's Web site at www.sec.gov.\n\n\nAbout Medalist Diversified REIT \n\n\nMedalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing value-add commercial real estate in the Mid-Atlantic and Southeast regions. The Company's strategy is to focus on value-add and opportunistic commercial real estate which is expected to provide an attractive balance of r...