[SCHEDULE 13G] Medifast, Inc. SEC Filing

Rhea-AI Filing Summary

Medifast Schedule 13G filing summary The reporting entities—G1 Execution Services, LLC; Susquehanna Fundamental Investments, LLC; and Susquehanna Securities, LLC—report aggregate beneficial ownership of 785,606 shares, representing 7.2% of Medifast's outstanding common stock based on 10,938,000 shares outstanding as of June 30, 2025. The filing expressly states that the Susquehanna Securities total includes options to acquire 695,200 shares.

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control. The report is executed and signed on August 13, 2025. No additional transactions, plans, or intentions are disclosed in this statement.

Positive

• Reported beneficial ownership of 785,606 shares, equal to 7.2% of the outstanding class based on 10,938,000 shares
• Disclosure that 695,200 options are included in Susquehanna Securities' reported amount, clarifying economic exposure

Negative

• None.

Insights

Securities Analyst

TL;DR: Combined Susquehanna entities report a 7.2% stake (785,606 shares), with 695,200 options included; filing certifies passive intent.

The Schedule 13G discloses a material >5% position in Medifast that triggers required reporting. The filing quantifies the stake against the issuer's disclosed 10,938,000 shares outstanding and explicitly notes options of 695,200 included in Susquehanna Securities' count, which affect economic exposure. The report contains the standard certification that holdings are in the ordinary course and not intended to influence control, and the parties executed the filing on August 13, 2025. This is a transparency event rather than a disclosed strategic or control action.

Corporate Governance Expert

TL;DR: Joint filing by affiliated Susquehanna entities documents coordinated disclosure of a 7.2% position while disclaiming control intent.

The document is a joint Schedule 13G by three related reporting persons, showing shared voting and dispositive power over 785,606 shares. That joint reporting clarifies attribution among affiliated broker-dealers and an investment affiliate. The certification language limits the filing to ordinary-course holdings rather than an assertion of activist or control intentions. For governance monitoring, the position size is material enough to merit attention, but the filing contains no specific governance demands or plans.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Medifast, Inc.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

58470H101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 58470H101

1

Names of Reporting Persons

G1 Execution Services, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 582.00
6	Shared Voting Power 785,606.00
7	Sole Dispositive Power 582.00
8	Shared Dispositive Power 785,606.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

785,606.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 58470H101

1

Names of Reporting Persons

Susquehanna Fundamental Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 60,323.00
6	Shared Voting Power 785,606.00
7	Sole Dispositive Power 60,323.00
8	Shared Dispositive Power 785,606.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

785,606.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 58470H101

1

Names of Reporting Persons

Susquehanna Securities, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 724,701.00
6	Shared Voting Power 785,606.00
7	Sole Dispositive Power 724,701.00
8	Shared Dispositive Power 785,606.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

785,606.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Medifast, Inc.
(b)	Address of issuer's principal executive offices: 100 International Drive, Baltimore, Maryland 21202
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.001 par value per share (the "Shares"), of Medifast, Inc. (the "Company"). (i) G1 Execution Services, LLC (ii) Susquehanna Fundamental Investments, LLC (iii) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of Susquehanna Fundamental Investments, LLC and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 58470H101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 695,200 Shares. The Company's Quarterly Report on Form 10-Q, filed on August 4, 2025, indicates that there were 10,938,000 Shares outstanding as of June 30, 2025.
(b)	Percent of class: 7.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Susquehanna Fundamental Investments, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement

FAQ

How many Medifast (MED) shares do the reporting persons own?

The filing reports aggregate beneficial ownership of 785,606 shares, representing 7.2% of the class.

What is the basis for the percentage ownership reported in the MED Schedule 13G?

The percentage is calculated against 10,938,000 shares outstanding as disclosed in the company's Quarterly Report for the period ended June 30, 2025.

Does the filing indicate intent to influence Medifast's control or governance?

The filing includes a certification stating the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.

Are options included in the reported MED position?

Yes. The filing states that Susquehanna Securities' reported total includes options to acquire 695,200 shares.

Who filed the Schedule 13G for Medifast (MED) and when was it signed?

The filing was submitted jointly by G1 Execution Services, LLC, Susquehanna Fundamental Investments, LLC, and Susquehanna Securities, LLC, and the document is signed on August 13, 2025.