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Medalist Diversified sets price range for IPO

Medalist Diversified REIT Inc. plans to offer 700,000 shares of common stock in its IPO, at an expected price range of $9.00 to $11.00 per share.

The offering is expected to generate net proceeds of roughly $6.0 million at the midpoint of the range, and the proceeds will be funneled to the company's operating partnership in exchange for its units.

The proceeds will be used to purchase additional properties and investments and for working capital and general corporate purposes. If necessary, the funds will be used to pay acquisition fees to its external adviser Medalist Fund Manager Inc., legal and accounting expenses, asset management fees, and dividends.

Pending such uses, the proceeds will be invested in interest-bearing, short-term investment-grade securities; money-market accounts; or other investments in line with the objective to maintain real estate investment trust qualifications.

Medalist Diversified invests primarily in commercial properties and multifamily residential properties in secondary and tertiary markets in the southeastern U.S. The company expects to list on Nasdaq Capital Market under the symbol MDRR.

Maxim Group LLC is the sole book-running manager for the offering.