secwatch.observer — SEC 8-K summary
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Issuer:     Medalist Diversified, Inc. (MDRR)
CIK:        0001654595
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001558370-24-004253
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.60
Item codes: 2.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Medalist Diversified REIT acquires Chicago property for $2.4M via OP Units in related-party deal
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- Acquired 3535 N Central Ave, Chicago for $2.4M, paying 417,391 OP Units valued at $5.75/unit + $15K cash for seller costs.
- OP Unit value reflects an 8.5% premium over MDRR common stock closing price of $5.30 on Feb 15, 2024.
- Seller is controlled by CEO Frank Kavanaugh, making this a related-party transaction requiring shareholder approval for stock redemption.
- OP Units may be redeemed for cash or common stock one-for-one; stock redemption requires majority stockholder vote.
- Historical financials and pro forma data for the property will be filed by June 8, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1654595/000155837024004253/0001558370-24-004253-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1654595/000155837024004253/mdrr-20240328x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-004253

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