SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of issuance of these condensed consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Form 10-Q, other than those events disclosed elsewhere in the condensed consolidated financial statements, or would be required to be recognized in the condensed consolidated financial statements as of and for the nine months ended September 30, 2020.

Reverse Stock Split

As authorized by the Company’s stockholders at the Company’s 2020 annual meeting of stockholders (the “Annual Meeting”), the Company implemented a reverse stock split of the Company’s Common Stock at a ratio of 1-for-10. Effective as of 5:00 p.m., Eastern Time, on Friday, October 30, 2020 (the “Effective Time”), each ten (10) shares of Class A Common Stock issued and outstanding, immediately prior to the Effective Time, were converted into one (1) share of Class A Common Stock. Cash was paid in lieu of issuing fractional shares. A reverse stock split of the Class B Common Stock was also implemented simultaneously at the same ratio. The primary reason for implementing the reverse stock split was to increase the market price per share of the Company's Class A Common Stock in order to regain compliance with the NYSE’s continued listing criteria under the exchange’s minimum bid price rule. The Class A Common Stock began trading on a split-adjusted basis on the NYSE beginning with the open on Monday, November 2, 2020. The Class A Common Stock has a new CUSIP number, 58503T205, although the trading symbol for the Class A Common Stock remains "MDLY".

Also as authorized by the stockholders at the Annual Meeting, the Company implemented simultaneously with the reverse stock split, a reduction in the number of authorized shares of all classes of the Company's capital stock, including a reduction in the number of authorized shares of Class A Common Stock from 3,000,000,000 shares to 5,000,000 shares, a reduction in the number of authorized shares of Class B Common Stock from 1,000,000 shares to 1,000 shares, and a reduction in the number of authorized shares of Preferred Stock from 300,000,000 shares to 1,000,000 shares.

The accompanying consolidated financial statements and related notes give retroactive effect to this reverse stock split and reduction in the number of authorized share amounts.