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Medalist Diversified REIT, Inc. Announces Effectiveness of Reverse Stock Split and Forward Stock Split
RICHMOND, Va.--(BUSINESS WIRE)-- Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), a Virginia-based real estate investment trust
About this update from Medalist Diversified, Inc.
[{"type":"text","content":" RICHMOND, Va.--(BUSINESS WIRE)--\nMedalist Diversified REIT, Inc. (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 Mid-Atlantic and Southeast regions of the United States, today announced that the previously announced (i) reverse stock split of shares of the Company’s common stock (the “Common Stock”), and a corresponding adjustment to the outstanding common units of its operating partnership, Medalist Diversified Holdings, L.P. (the “Operating Partnership”), at a ratio of 1-for-10 (the “Reverse Stock Split”) will become effective at 5:00 p.m. Eastern Time on July 2, 2024, and automatically convert every ten shares of Common Stock outstanding at such time into one share of Common Stock; and (ii) forward stock split of shares of the Company’s Common Stock and a corresponding adjustment to the outstanding common units of its Operating Partnership, at a ratio of 5-for-1 (the “Forward Stock Split” and, together with the Reverse Stock Split, the “Stock Splits”) will become effective at 5:01 p.m. Eastern Time on July 2, 2024 (the “Effective Time”), and automatically convert every one share of Common Stock outstanding at such time into five shares of Common Stock.\n\n\nThe Common Stock will begin trading on a Stock Split-adjusted basis on The Nasdaq Capital Market (“Nasdaq”) at the opening of trading on July 3, 2024 under the ticker symbol “MDRR” with a new CUSIP number (58403P402).\n\n\nThe Stock Splits will affect all holders of Common Stock uniformly and will not affect any common stockholder’s percentage ownership interest in the Company, except for any fractional shares of Common Stock that would otherwise have resulted from the Reverse Stock Split which will be settled by cash payment, calculated on the basis of the closing trading price of the Common Stock (as adjusted for the Reverse Stock Split) on July 2, 2024, on Nasdaq multiplied by such fraction. Stockholders of record will receive information from VStock Transfer LLC, the Company’s transfer agent, regarding their stock ownership and, if applicable, payments of cash in lieu of fractional shares with respect to the Reverse Stock Split. Stockholders who hold their shares in brokerage accounts or in “street name” are not required to take any a...