RICHMOND, Va.—Benjamin Ore, the Controller at Medalist Diversified REIT, Inc. (NASDAQ:MDRR), recently increased his stake in the company by purchasing 8,000 shares of common stock. The transaction, which took place on December 13, 2024, was valued at $100,000, with shares acquired at a price of $12.50 each. Following this acquisition, Ore's total holdings in the company rose to 12,500 shares. This move reflects a significant investment by a key executive in the Richmond-based real estate investment trust, which currently has a market capitalization of $17.7 million. According to InvestingPro, MDRR has achieved a perfect Piotroski Score of 9, indicating strong financial health, while maintaining a robust current ratio of 4.06. The stock has shown impressive momentum, gaining over 25% year-to-date, though current analysis suggests it may be slightly overvalued at present levels. For deeper insights and additional financial metrics, investors can access 8 more exclusive ProTips on InvestingPro.
In other recent news, Medalist Diversified REIT, Inc. has seen substantial activity from its Chief Executive Officer, Francis P. Kavanaugh. Kavanaugh has acquired 160,000 units of partnership interest through a private placement sale via the company's operating partnership, Medalist Diversified Holdings, L.P. The units, valued at $12.50 each, are redeemable for cash or potentially for company common stock, subject to stockholder approval.
Furthermore, the company gained approval for a reverse stock split of its outstanding common stock at its annual stockholders meeting. The proposed ratio varies from 1-for-10 to 1-for-100, as determined by the Board. In addition, changes to the Board of Directors were announced, with A. Lee Finley appointed as a Class II director and Francis Kavanaugh assuming the role of Chair of the Board.
In other Board changes, David Lunin was elected as a Class I director for a three-year term, and Cherry Bekaert (EBR:BEKB) LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These recent developments indicate a period of significant activity within Medalist Diversified REIT, Inc.
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