Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) filed a Form 8-K report with the SEC on September 5, 2024, detailing adjustments to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 following the September redemptions of its Series D Cumulative Convertible Preferred Stock. The conversion price for the Notes was reduced from approximately $4.03 per share to $0.79 per share of Common Stock, a 45% discount to the lowest conversion price of Series D Preferred Stock at $1.44. On the 12th monthly 'Holder Redemption Date,' Wheeler REIT processed 10 redemption requests, redeeming 23,905 shares of Series D Preferred Stock at a price of approximately $39.11 per share, which included accrued dividends. The company issued 649,634 shares of Common Stock to settle the redemptions. Cumulatively, Wheeler REIT has redeemed 1,096,579 shares of...Show More

Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) filed a Form 8-K report with the SEC on September 5, 2024, detailing adjustments to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 following the September redemptions of its Series D Cumulative Convertible Preferred Stock. The conversion price for the Notes was reduced from approximately $4.03 per share to $0.79 per share of Common Stock, a 45% discount to the lowest conversion price of Series D Preferred Stock at $1.44. On the 12th monthly 'Holder Redemption Date,' Wheeler REIT processed 10 redemption requests, redeeming 23,905 shares of Series D Preferred Stock at a price of approximately $39.11 per share, which included accrued dividends. The company issued 649,634 shares of Common Stock to settle the redemptions. Cumulatively, Wheeler REIT has redeemed 1,096,579 shares of Series D Preferred Stock and issued approximately 1.87 million shares of Common Stock after adjusting for reverse stock splits conducted in May and June 2024. As of September 6, 2024, Wheeler REIT had 1,874,119 shares of Common Stock and 2,538,968 shares of Series D Preferred Stock outstanding. The next deadline for Series D Preferred Stock redemptions is set for September 25, 2024, with the following Holder Redemption Date on October 7, 2024.