Medalist Diversified REIT announces effectiveness of 1-for-8 reverse stock split

Medalist Diversified REIT announced that the previously announced reverse stock split of shares of the Company’s common stock, par value 1c per share, and a corresponding adjustment to the outstanding common units of its operating partnership, Medalist Diversified Holdings, at a ratio of 1-for-8 will become effective at 5:00 p.m. Eastern Time on May 3, 2023, 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 at the opening of trading on May 4, 2023 under the ticker symbol "MDRR" with a new CUSIP number. The Reverse Stock Split will affect all holders of Common Stock uniformly and will not affect any common stockholder’s percentage ownership interest in the Company, except for any fractional shares of Common Stock that would otherwise have resulted from the Reverse Stock Split which will be settled by cash payment, calculated on the basis of the closing trading price of the Common Stock on May 3, 2023 on Nasdaq multiplied by such fraction. Stockholders of record will receive information from VStock Transfer LLC, the Company’s transfer agent, regarding their stock ownership and, if applicable, payments of cash in lieu of fractional shares. Stockholders who hold their shares in brokerage accounts or in "street name" are not required to take any action in connection with the Reverse Stock Split. As a result of the Reverse Stock Split, the number of shares of Common Stock outstanding will be reduced from 17,758,421 shares to approximately 2,219,000 shares as of the Effective Time. The Reverse Stock Split is intended to help the Company regain compliance with the $1.00 minimum bid price requirement for continued listing on Nasdaq. However, there can be no assurance that the Company will be able to regain compliance such requirement or maintain its listing on Nasdaq.