Corporate ActionJul 7, 2026, 08:27 AM
Wheeler REIT Issues 2.1M Common Shares for Preferred Stock; Notes Conversion Price Adjusted
AI Summary
Wheeler Real Estate Investment Trust issued approximately 2.1 million shares of common stock in multiple unregistered transactions between June 26 and July 6, 2026. These shares were issued to unaffiliated holders in exchange for Series B and Series D Convertible Preferred Stock, and to settle redemptions of Series D Preferred Stock. Consequently, the conversion price for the company's 7.00% Subordinated Convertible Notes due 2031 was adjusted to approximately $0.67 per share, representing a 45% discount.
Key Highlights
- Issued 25,297 common shares on June 26 in exchange for Series B and D Preferred Stock.
- Issued 178,460 common shares on June 30 in exchange for Series B and D Preferred Stock.
- Issued 1,915,950 common shares on July 2 in exchange for Series B and D Preferred Stock.
- Redeemed 8,200 Series D Preferred Stock shares on July 6, issuing 275,883 common shares.
- Conversion price for 7.00% Subordinated Convertible Notes adjusted to $0.67 per share.
- Adjustment represents a 45% discount to the $1.22 lowest Series D conversion price.
- No cash proceeds were received; preferred shares exchanged were retired and cancelled.
Price Impact
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