RICHMOND, Va.–(BUSINESS WIRE)–Medalist Diversified REIT (NASDAQ:MDRR) (the “Company”), 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, today announced the pricing of a
public offering of 1,666,667 shares of its common stock at a price to
the public of $4.80 per share, for a total of approximately $8 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 May 13, 2019, subject to the
satisfaction of customary closing conditions. The company has granted
the underwriters a 45-day option to purchase up to 250,000 additional
shares to cover overallotments, if any.
Aegis Capital Corp. is serving as the sole book runner for the offering
and Maxim Group LLC is serving as the Company’s financial advisor.
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. This
press release does not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in
any state in which such offer, solicitation, or sale would be unlawful
prior to registration or qualification under the securities laws of any
such state.
A copy of the prospectus relating to the offering may be obtained by
contacting Aegis Capital Corp., 810 Seventh Avenue, New York, New York
10019, or by calling (212) 813-1010. The final prospectus, when it is
available, may also be obtained on the Securities and Exchange
Commission’s Web site at www.sec.gov.
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 proposed public offering on the
terms described or at all. For example, the fact that this offering has
priced may imply that the offering will close, but the closing is
subject to certain conditions customary in transactions of this type and
may be delayed or may not occur 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, and in the Company’s annual and periodic reports and other
documents filed with the SEC, copies of which are available on the SEC’s
website, www.sec.gov.
Contacts
Investor Relations:
The Equity Group
Jeremy Hellman, Senior
Associate
(212) 836-9626 /
[email protected]
