Medalist Diversified REIT, Inc. Announces Effectiveness of Reverse Stock Split

May 03, 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 the previously announced reverse stock split of shares of the Company’s common stock, par value $0.01 per share (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-8 (the “Reverse Stock Split”) will become effective at 5:00 p.m. Eastern Time on May 3, 2023 (the “Effective Time”), and automatically convert every eight shares of Common Stock outstanding at that time into one share of Common Stock. The Common Stock will begin trading on a Reverse Stock Split-adjusted basis on The Nasdaq Capital Market (“Nasdaq”) at the opening of trading on May 4, 2023 under the ticker symbol “MDRR” with a new CUSIP number (58403P303).

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