05:39 PM EDT, 06/20/2024 (MT Newswires) -- Medalist Diversified REIT ( MDRR ) said late Thursday it would execute a 1-for-10 reverse split of its issued and outstanding common shares, which will be quickly followed by a 5-for-1 forward stock split.

The reverse stock split is scheduled to take place at 5 pm ET on July 2, followed by the forward stock split at 5:01 pm, the real estate investment trust said.

The company's common stock will start trading on a stock split-adjusted basis on Nasdaq on July 3.

The company also said shareholders would be eligible to receive the split-adjusted value of any fractional shares they hold following the reverse split.

Medalist shares were 1.2% higher in recent after-hours activity.

Price: 5.95, Change: +0.07, Percent Change: +1.19