Medalist Diversified REIT Announces Pricing of $12.0 Million Public Offering of Common Stock
April 08 2021 - 5:51PM
Business Wire
Medalist 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.
Kingswood 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.
The 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.
The 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 syndicate@kingswoodcm.com or telephone at (212)
404-7002.
This 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 in which such offering, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Medalist Diversified REIT
Medalist 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 risk and returns. Medalist utilizes a
rigorous, consistent and replicable process for sourcing and
conducting due diligence of acquisitions. The Company seeks to
maximize operating performance of current properties by utilizing a
hands-on approach to property management while monitoring the
middle market real estate markets in the southeast for acquisition
opportunities and disposal of properties as considered appropriate.
For more information on Medalist, please visit the Company website
at https://www.medalistreit.com.
Forward Looking Statements
This press release contains statements that are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 and other federal securities laws. Forward
looking statements are statements that are not historical,
including statements regarding management’s intentions, beliefs,
expectations, representations, plans or predictions of the future,
and are typically identified by such words as “believe,” “expect,”
“anticipate,” “intend,” “estimate,” “may,” “will,” “should” and
“could.” Because such statements include risks, uncertainties and
contingencies, actual results may differ materially from those
expressed or implied by such forward looking statements. These
forward-looking statements are based upon the Company’s present
expectations, but these statements are not guaranteed to occur,
including, without limitation, with respect to the completion of
the public offering on the terms described or at all. In addition,
the underwriters’ option to purchase additional shares may imply
that this option will be exercised; however, the underwriters are
not under any obligation to exercise this option, or any portion of
it, and may not do so. Furthermore, the Company disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
of new information, data or methods, future events or other
changes. Investors should not place undue reliance upon
forward-looking statements. For further discussion of the factors
that could affect outcomes, please refer to the “Risk Factors”
section of the prospectus dated April 7, 2021, and in the Company’s
subsequent annual and periodic reports and other documents filed
with the SEC, copies of which are available on the SEC’s website,
www.sec.gov.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210408005979/en/
Investor Relations Contact: Dave Gentry RedChip Companies
Inc. Office: 1-800-RED CHIP (733 2447) Cell: (407) 491-4498
dave@redchip.com
Medalist Diversified REIT (NASDAQ:MDRR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Medalist Diversified REIT (NASDAQ:MDRR)
Historical Stock Chart
From Apr 2023 to Apr 2024