Medalist Diversified REIT, Inc. Announces Reverse Stock Split and Provides Update on Strategic Review Process

Apr 18, 2023

Medalist 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 its Board of Directors approved a one-for-eight reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock, $0.01 par value per share (the “Common Stock”). The Reverse Stock Split is expected to take effect as of 5:00 p.m. Eastern Time, on May 3, 2023 (the “Effective Time”). Accordingly, at the Effective Time, every eight issued and outstanding shares of Common Stock will be converted into one share of Common Stock. The Common Stock is expected to begin trading on The Nasdaq Capital Market (“Nasdaq”) on a split-adjusted basis beginning on May 4, 2023, under a new CUSIP number.

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