Summary by Moomoo AI
Wheeler Real Estate Investment Trust announced a one-for-six reverse stock split of its common stock, effective June 18, 2024, at 5:00 p.m. Eastern Time. The company's common stock will begin trading on a split-adjusted basis on Nasdaq Capital Market on June 20, 2024, under a new CUSIP number (963025861), while maintaining its current trading symbol.The reverse split will adjust the conversion rates of the company's securities: the 7.00% subordinated convertible notes' conversion rate will decrease to 1.46 shares per $25.00 principal amount; Series B Convertible Preferred Stock's conversion price will increase to $57,600 per share; and Series D Cumulative Convertible Preferred Stock's conversion price will rise to $24,422.40 per share. No fractional shares will be issued; stockholders will receive cash payments for fractional shares.The split will not affect stockholders' relative ownership percentages or voting rights, except for minimal changes from fractional share settlements. The company's 2015 and 2016 Long-Term Incentive Plans will be proportionally adjusted to reflect the reverse split, including equity awards and performance metrics.
