Wheeler Real Estate Investment Trust Inc. announced a one-for-24 reverse stock split of its common stock, effective May 16, 2024, after market close. The reverse stock split will result in a decrease in the number of outstanding shares of common stock, with a corresponding adjustment to the outstanding partnership units of Wheeler REIT, L.P. No fractional shares will be issued; instead, shareholders will receive a cash payment for fractional shares based on the closing price of the stock on the effective date. The reverse stock split will not affect any shareholder's relative ownership percentage significantly, except for minor changes due to the cash payment for fractional shares. The company's common stock will begin trading on a split-adjusted...Show More

Wheeler Real Estate Investment Trust Inc. announced a one-for-24 reverse stock split of its common stock, effective May 16, 2024, after market close. The reverse stock split will result in a decrease in the number of outstanding shares of common stock, with a corresponding adjustment to the outstanding partnership units of Wheeler REIT, L.P. No fractional shares will be issued; instead, shareholders will receive a cash payment for fractional shares based on the closing price of the stock on the effective date. The reverse stock split will not affect any shareholder's relative ownership percentage significantly, except for minor changes due to the cash payment for fractional shares. The company's common stock will begin trading on a split-adjusted basis on May 17, 2024, under a new CUSIP number. Adjustments will also be made to the conversion rates of the company's convertible securities, including its 7.00% subordinated convertible notes due 2031 and its Series B and D Convertible Preferred Stock. The reverse stock split will also proportionally adjust the number of shares authorized for issuance under the company's incentive plans. The company's trading symbol will remain unchanged.