Medalist Diversified REIT Inc (NASDAQ:MDRR) is trading significantly higher Friday morning after the company announced a stock repurchase program.
The repurchase program will allow management to purchase up to 500,000 shares of the company’s common stock, up to a maximum price of $4.80 per share.
Medalist isn't obligated to acquire any particular amount of shares and the buyback may be suspended or discontinued at any time.
"In addition to continuing to deploy capital for investment property acquisitions, we want to be able to buy back shares when our own financial position and market conditions permit," said Thomas Messier, chairman and CEO of Medalist.
"The Company’s decision to authorize a share repurchase program at this time should signal the conviction that our Board and management have in the Company’s strategy," Messier added.
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Medalist is a United States-based real estate investment trust that acquires, repositions, renovates, leases and manages income-producing properties.
MDRR Price Action: Medalist has traded as low as 96 cents and as high as $3.40 over a 52-week period.
The stock was up 32.8% at $1.35.
Photo: PhotoMIX-Company from Pixabay.
