Wheeler Real Estate Investment Trust Inc. has announced the abandonment of its previously planned one-for-six reverse stock split, opting instead for a one-for-five reverse stock split, effective at 5:00 p.m. Eastern Time on June 27, 2024. The company's common stock will begin trading on a split-adjusted basis on June 28, 2024, under a new CUSIP number. This adjustment will also affect the conversion rates and prices for the company's convertible securities, including its Series B and D Convertible Preferred Stock and 7.00% Subordinated Convertible Notes due 2031. The reverse stock split is anticipated to result in the company having fewer than 500,000 publicly held shares, potentially leading to non-compliance with Nasdaq's Publicly Held Shares Rule. Wheeler Real Estate...Show More

Wheeler Real Estate Investment Trust Inc. has announced the abandonment of its previously planned one-for-six reverse stock split, opting instead for a one-for-five reverse stock split, effective at 5:00 p.m. Eastern Time on June 27, 2024. The company's common stock will begin trading on a split-adjusted basis on June 28, 2024, under a new CUSIP number. This adjustment will also affect the conversion rates and prices for the company's convertible securities, including its Series B and D Convertible Preferred Stock and 7.00% Subordinated Convertible Notes due 2031. The reverse stock split is anticipated to result in the company having fewer than 500,000 publicly held shares, potentially leading to non-compliance with Nasdaq's Publicly Held Shares Rule. Wheeler Real Estate Investment Trust Inc. expects to receive a notification from Nasdaq and will be required to submit a plan to regain compliance. Additionally, if the company's stock price does not meet the Minimum Bid Price Rule for 30 consecutive business days, it may face delisting. The company has made forward-looking statements regarding the impact of the reverse stock split on its compliance with Nasdaq listing rules and the trading price of its common stock.