0001558370-24-009367.txt : 20240620 0001558370-24-009367.hdr.sgml : 20240620 20240620170029 ACCESSION NUMBER: 0001558370-24-009367 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20240620 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240620 DATE AS OF CHANGE: 20240620 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Medalist Diversified REIT, Inc. CENTRAL INDEX KEY: 0001654595 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] ORGANIZATION NAME: 05 Real Estate & Construction IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38719 FILM NUMBER: 241057287 BUSINESS ADDRESS: BUSINESS PHONE: 804-338-7708 MAIL ADDRESS: STREET 1: PO BOX 8436 CITY: RICHMOND STATE: VA ZIP: 23226 8-K 1 mdrr-20240620x8k.htm 8-K
0001654595false0001654595us-gaap:CommonStockMember2024-06-202024-06-200001654595mdrr:SeriesCumulativeRedeemablePreferredStock8.0PercentMember2024-06-202024-06-2000016545952024-06-202024-06-20

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): June 20, 2024

 

Medalist Diversified REIT, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Maryland

 

001-38719

 

47-5201540

(State or other jurisdiction of incorporation
or organization)

 

(Commission File Number)

 

(I.R.S. Employer
Identification No.)

 

P.O. Box 8436

Richmond, VA 23226

(Address of principal executive offices)

 

(804) 338-7708

(Registrant’s telephone number, including area code)

 

None

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

​

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

​

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

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☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 Title of Each Class

 

Name of each Exchange
on Which Registered  

 

Trading
Symbol(s)  

Common Stock, $0.01 par value

 

Nasdaq Capital Market

 

MDRR

8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value

 

Nasdaq Capital Market

 

MDRRP

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging Growth Company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

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Item 7.01

Regulation FD Disclosure.

​

On June 20, 2024, Medalist Diversified REIT, Inc. (the “Company”) issued a press release announcing the Stock Splits (as defined below). A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is incorporated   herein by reference.

​

The information in this Item 7.01 and Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

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Item 8.01

Other Events.

 

Reverse Stock Split

​

On June 20, 2024, the Company announced that its Board of Directors approved a reverse stock split of shares of the Company’s common stock (the “Common Stock”), and the outstanding common units (“Common Units”) of its operating partnership, Medalist Diversified Holdings, L.P. (the “Operating Partnership”), at a ratio of one share for every ten shares presently owned (the “Reverse Stock Split”). The Reverse Stock Split is expected to take effect at approximately 5:00 p.m. Eastern Time on July 2, 2024 (the “Reverse Split Effective Time”). Every ten shares of Common Stock outstanding at that time will automatically be converted into one share of Common Stock and likewise corresponding adjustments will be made to each outstanding Common Unit of the Operating Partnership.

​

No fractional shares will be issued in connection with the Reverse Stock Split. Instead, each stockholder that otherwise would receive fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Stock on The Nasdaq Capital Market on July 2, 2024 (as adjusted for the Reverse Stock Split). The Reverse Stock Split will apply to all of the Company’s outstanding shares of Common Stock as of the Reverse Split Effective Time and therefore will not affect the relative percentage of shares owned by any particular stockholder, except for de minimis changes as a result of the elimination of fractional shares. The Reverse Stock Split will also not affect the relative voting or other rights that accompany the shares of Common Stock except to the extent that it results in a stockholder receiving cash in lieu of fractional shares.

​

Forward Stock Split

​

Also on June 20, 2024, the Company announced that its Board of Directors approved a forward stock split of shares of the Company’s Common Stock, and the outstanding Common Units of its Operating Partnership, at a ratio of five shares for every one share owned (the “Forward Stock Split” and, together with the Reverse Stock Split, the “Stock Splits”). The Forward Stock Split is expected to take effect immediately following the Reverse Stock Split at approximately 5:01 p.m. Eastern Time on July 2, 2024 (the “Forward Split Effective Time”). Every one share of Common Stock outstanding at that time will automatically be converted into five shares of Common Stock and likewise corresponding adjustments will be made to each outstanding Common Unit of the Operating Partnership. The Forward Stock Split will apply to all of the Company’s outstanding shares of Common Stock as of the Forward Split Effective Time and therefore will not affect the relative percentage of shares owned by any particular stockholder. The Forward Stock Split will also not affect the relative voting or other rights that accompany the shares of Common Stock.

​

As a net result of the Stock Splits, the number of outstanding shares of Common Stock will be decreased from 2,236,631 shares outstanding as of June 20, 2024 to approximately 1,118,315 shares giving effect to the Stock Splits. At the market open on July 3, 2024, the Common Stock is expected to begin trading on a Stock Split-adjusted basis under the new CUSIP number 58403P402.

​

Stockholders of record will receive information from VStock Transfer LLC, the Company’s transfer agent, regarding their stock ownership following the Stock Splits and, if applicable, payments of cash in lieu of fractional shares with respect to the Reverse Stock Split. Stockholders who hold their shares in brokerage accounts or in “street name” are not required to take any action in connection with the Stock Splits.

 Risk Factors

The Company is including the below risk factor for the purpose of supplementing and updating the disclosure contained in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission on March 6, 2024.

The reverse stock split and forward stock split may decrease the liquidity of the shares of our common stock and could lead to a decrease in our overall market capitalization.

The liquidity of the shares of our common stock may be affected adversely by a reverse stock split and forward stock split proposed to be effected by the Company given the reduced number of shares of our common stock that will be outstanding following such stock splits, especially if the market price of our common stock does not increase as a result of the splits.

The proposed stock splits, if effected, should have the effect of increasing the per share trading price of our common stock but there is no assurance that the trading price of our common stock after the stock splits will rise (or remain constant) in proportion to the reduction in the number of shares of common stock outstanding before the stock splits. The history of stock splits for other companies is varied, particularly because some investors may view a stock split negatively. We cannot predict the impact of the stock splits on the trading price of our common stock. Our total market capitalization after the stock splits, if completed, may be lower than our total market capitalization before the stock splits.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K 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 not historical and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate, “may,” “will,” “should” and “could” and include statements about the Stock Splits and the impact, if any, of the Stock Splits on the Company and the trading price of the Common Stock. Forward-looking statements are based upon the Company’s present expectations but are not guarantees or assurances as to future developments or results. Factors that may cause actual developments or results to differ from those reflected in forward-looking statements include, without limitation, those included in the Company’s most recent Annual Report on Form 10-K and in the Company’s other filings with the SEC. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes and new developments except as required by law or regulation.

​

​

Item 9.01

Financial Statements and Exhibits.

​

​

(d) Exhibits

​

​

Exhibit No.

​

Description

99.1

​

Press Release dated June 20, 2024

104

​

Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL Document

​

​

​

​

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

MEDALIST DIVERSIFIED REIT, INC.

 

 

 

Dated: June 20, 2024

By:

/s/ C. Brent Winn, Jr.

 

 

C. Brent Winn, Jr.

 

 

Chief Financial Officer

​

​

​

 EX-99.1 2 mdrr-20240620xex99d1.htm EX-99.1

​

​

Exhibit 99.1

​

​

​

Graphic

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​

Medalist Diversified REIT, Inc. Announces Reverse Stock Split and Forward Stock Split

​

RICHMOND, VA. June 20, 2024 – Medalist Diversified REIT, Inc. (NASDAQ: MDRR) (the “Company” or “Medalist”), 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 of the United States, today announced that its Board of Directors approved a one-for-ten reverse stock split (the “Reverse Stock Split”) of  the Company’s issued and outstanding shares of common stock (the “Common Stock”) and a five-for-one forward stock split of the Common Stock (the “Forward Stock Split” and, together with the Reverse Stock Split, the “Stock Splits”).

​

The Reverse Stock Split is expected to take effect as of 5:00 p.m. Eastern Time, on July 2, 2024. Accordingly, at such time, every ten issued and outstanding shares of Common Stock will be converted into one share of Common Stock. The Forward Stock Split is expected to take effect immediately following the Reverse Stock Split as of 5:01 p.m. Eastern Time, on July 2, 2024. Accordingly, at such time, every one issued and outstanding share of Common Stock will be converted into five shares of Common Stock. Corresponding adjustments to the outstanding common units of the Company’s operating partnership, Medalist Diversified Holdings, L.P. will become effective at the respective times.

​

The Common Stock is expected to begin trading on The Nasdaq Capital Market (“Nasdaq”) on a Stock Split-adjusted basis beginning on July 3, 2024, under the new CUSIP number 58403P402.

​

No fractional shares will be issued in connection with the Reverse Stock Split. Instead, each stockholder that would hold fractional shares as a result of the Reverse Stock Split will be entitled to receive, in lieu of such fractional shares, cash in an amount equal to the applicable fraction multiplied by the closing price of the Common Stock on Nasdaq on July 2, 2024 (as adjusted for the Reverse Stock Split). The Stock Splits will apply to all of the outstanding shares of Common Stock and therefore will not affect any stockholder’s ownership percentage of shares of Common Stock, except for de minimis changes resulting from the payment of cash in lieu of fractional shares with respect to the Reverse Stock Split. Stockholders of record will receive information from VStock Transfer LLC, the Company’s transfer agent, regarding their stock ownership following the Stock Splits and, if applicable, payments of cash in lieu of fractional shares with respect to the Reverse Stock Split. Stockholders who hold their shares in brokerage accounts or in “street name” are not required to take any action in connection with the Stock Splits.

​

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 not historical and are typically identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate, “may,” “will,” “should” and “could” and include statements about

​

​

​

​

the potential Stock Splits and the impact, if any, of the Stock Splits on the Company and the trading price of the Common Stock. Forward-looking statements are based upon the Company’s present expectations but are not guarantees or assurances as to future developments or results. Factors that may cause actual developments or results to differ from those reflected in forward-looking statements include, without limitation, those included in the Company’s most recent Annual Report on Form 10-K and in the Company’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance upon forward-looking statements. The Company disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes and new developments except as required by law or regulation.

​

​

Brent Winn

Medalist Diversified REIT, Inc.

bwinn@medalistreit.com

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Document and Entity Information
Jun. 20, 2024
Document Information [Line Items]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 20, 2024
Entity File Number 001-38719
Entity Registrant Name Medalist Diversified REIT, Inc.
Entity Central Index Key 0001654595
Entity Incorporation, State or Country Code MD
Entity Tax Identification Number 47-5201540
Entity Address State Or Province VA
Entity Address, Address Line One P.O. Box 8436
Entity Address, City or Town Richmond
Entity Address, Postal Zip Code 23226
City Area Code 804
Local Phone Number 338-7708
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol MDRR
Security Exchange Name NASDAQ
8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value  
Document Information [Line Items]  
Title of 12(b) Security 8.0% Series A Cumulative Redeemable Preferred Stock, $0.01 par value
Trading Symbol MDRRP
Security Exchange Name NASDAQ
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