Medalist Diversified RIET Inc. (MDRR) stock decline by 2.29% at the last trading close whereas the MDRR stock price surges by 15.63% in the after-hours trading session. Medalist Diversified REIT is a real estate company headquartered in Virginia that focuses on purchasing, holding, and controlling value-add commercial real estate in the Mid-Atlantic and Southeast areas. MDRR’s policy is to concentrate on value-add and opportunistic commercial real estate, which can have a favorable risk-reward ratio. For acquisition sourcing and due diligence, MDRR employs a robust, reliable, and
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Recent Important Developments
On April 15, 2021, MDRR confirmed that the Board of Directors approved and the Company declared a $0.5000 per share dividend on its 8.0 percent Series A Cumulative Redeemable Preferred Stock for the first quarter of 2021. The Series A Dividend will be paid in cash on April 30, 2021, to Series A Preferred Stock holders of record as of April 26, 2021. This could might be the reason of why MDRR stock is on a rise during the after-hour session.
On April 8,
MDRR disclosed the pricing of an 8,000,000 share public offering of its common stock at a public offering price of $1.50 per share, with cumulative gross proceeds of approximately $12.0 million. Medalist’s common stock trades under the ticker symbol “MDRR” on the Nasdaq Capital Market. The offering is scheduled to close on or around April 13, 2021, assuming all customary closing conditions are met. MDRR plans to use the gross profits from this sale to buy more land, raise working capital, and for other general corporate purposes. To cover over-allotment, MDRR has given the underwriters a 45-day option to buy up to 1,200,000 additional shares of common stock.
Kingswood Capital Markets which is a subsidiary of Benchmark Investments is working as an only book-running manager for the offering. And the offering’s co-managers are Revere Securities LLC, R.F. Lafferty & Co., and Spartan Capital Securities LLC.