Medalist Diversified REIT completes 1-for-8 reverse stock split to meet Nasdaq $1 bid requirement

Medalist Diversified, Inc.

Reverse stock split effective 5:00 p.m. ET May 3, 2023; shares reduced from 17.8M to ~2.2M.
Common stock begins trading on split-adjusted basis May 4 under same ticker MDRR; new CUSIP 58403P303.
Fractional shares settled in cash based on closing price May 3.
Split intended to help regain $1.00 minimum bid price compliance for Nasdaq listing; no assurance of success.
All stockholders affected uniformly; no percentage ownership change except for fractional share cash-out.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Medalist Diversified, Inc.: Filed two Articles of Amendment to effect a 1-for-8 reverse stock split and decrease par value from $0.08 to $0.01 per share (effective 2023-04-19).

Change: charter amendment
Effective: 2023-04-19

Exact text from the filing

on April 19, 2023, the Company filed two Articles of Amendment to its charter with the State Department of Assessments and Taxation of Maryland that provided for: (i) a 1-for-8 Reverse Stock Split of the Common Stock, effective at 5:00 p.m. Eastern Time on May 3, 2023 (the "First Amendment"); and (ii) the par value of the Common Stock to be decreased from $0.08 per share (as a result of the 1-for-8 Reverse Stock Split) back to $0.01 per share, effective at 5:01 p.m. Eastern Time on May 3, 2023 (the "Second Amendment").

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Medalist Diversified, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-055560

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