<SEC-DOCUMENT>0001446580-25-000071.txt : 20250814
<SEC-HEADER>0001446580-25-000071.hdr.sgml : 20250814
<ACCEPTANCE-DATETIME>20250814103056
ACCESSION NUMBER:		0001446580-25-000071
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250814
DATE AS OF CHANGE:		20250814

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEDIFAST INC
		CENTRAL INDEX KEY:			0000910329
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				133714405
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-50217
		FILM NUMBER:		251215322

	BUSINESS ADDRESS:	
		STREET 1:		100 INTERNATIONAL DRIVE
		STREET 2:		18TH FLOOR
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4105818042

	MAIL ADDRESS:	
		STREET 1:		100 INTERNATIONAL DRIVE
		STREET 2:		18TH FLOOR
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HEALTHRITE INC
		DATE OF NAME CHANGE:	19951120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	XX
		DATE OF NAME CHANGE:	19950619

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	00
		DATE OF NAME CHANGE:	19950619

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SUSQUEHANNA SECURITIES, LLC
		CENTRAL INDEX KEY:			0001446580
		ORGANIZATION NAME:           	
		EIN:				232754552

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		401 CITY AVENUE, SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004
		BUSINESS PHONE:		610-617-2600

	MAIL ADDRESS:	
		STREET 1:		401 CITY AVENUE, SUITE 220
		CITY:			BALA CYNWYD
		STATE:			PA
		ZIP:			19004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUSQUEHANNA SECURITIES
		DATE OF NAME CHANGE:	20130709

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Susquehanna Securities
		DATE OF NAME CHANGE:	20080930
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001446580</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, $0.001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000910329</issuerCik>
        <issuerName>Medifast, Inc.</issuerName>
        <issuerCusip>58470H101</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>100 International Drive</com:street1>
          <com:city>Baltimore</com:city>
          <com:stateOrCountry>MD</com:stateOrCountry>
          <com:zipCode>21202</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>G1 Execution Services, LLC</reportingPersonName>
      <citizenshipOrOrganization>IL</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>582</soleVotingPower>
        <sharedVotingPower>785606</sharedVotingPower>
        <soleDispositivePower>582</soleDispositivePower>
        <sharedDispositivePower>785606</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>785606</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>7.2</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Fundamental Investments, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>60323</soleVotingPower>
        <sharedVotingPower>785606</sharedVotingPower>
        <soleDispositivePower>60323</soleDispositivePower>
        <sharedDispositivePower>785606</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>785606</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>7.2</classPercent>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Susquehanna Securities, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>724701</soleVotingPower>
        <sharedVotingPower>785606</sharedVotingPower>
        <soleDispositivePower>724701</soleDispositivePower>
        <sharedDispositivePower>785606</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>785606</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>7.2</classPercent>
      <typeOfReportingPerson>BD</typeOfReportingPerson>
      <typeOfReportingPerson>OO</typeOfReportingPerson>
      <comments>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.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Medifast, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>100 International Drive, Baltimore, Maryland 21202</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>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</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>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</principalBusinessOfficeOrResidenceAddress>
        <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.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>BD</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>
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.
</amountBeneficiallyOwned>
        <classPercent>7.2</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>
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.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>
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.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>
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.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>
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. </sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <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.</certifications>
      </item10>
    </items>
    <exhibitInfo>	EXHIBIT INDEX

EXHIBIT					DESCRIPTION
________				________
99						Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>G1 Execution Services, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Susquehanna Fundamental Investments, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Assistant Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Susquehanna Securities, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Brian Sopinsky</signature>
        <title>Brian Sopinsky, Secretary</title>
        <date>08/13/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>med_sc13g-ex99.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html><head></head><body style="font: 11pt Times New Roman, Times, Serif"><p style="text-align: end"><b>Exhibit 99</b></p><p style="text-align: center"><b>JOINT FILING AGREEMENT</b></p><p>This will confirm the agreement by and among the undersigned that the Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Common Stock, $0.001 par value per share of Medifast, Inc., is being filed, and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.</p><p>Dated as of August 13, 2025</p><p>G1 EXECUTION SERVICES, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Secretary</p><p>SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Assistant Secretary</p><p>SUSQUEHANNA SECURITIES, LLC</p><p style="margin: 0">By: <u>/s/ Brian Sopinsky</u></p><p style="margin: 0">Name: Brian Sopinsky</p><p style="margin: 0">Title: Secretary</p><p>&nbsp;</p><div style="border-bottom: Black 1pt solid"></div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
