Summary by Moomoo AI
Wheeler Real Estate Investment Trust announced a one-for-five reverse stock split effective June 27, 2024, at 5:00 p.m. Eastern Time. The common stock will begin trading on a split-adjusted basis on June 28 under a new CUSIP number (963025861). No fractional shares will be issued; stockholders will receive cash payments for fractional shares based on the closing price on June 27.The reverse split will adjust the conversion rates of the company's securities: the 7.00% subordinated convertible notes will change from 8.74 to 1.75 shares per $25.00 principal amount; Series B Preferred Stock conversion price will increase to $48,000 per share; and Series D Preferred Stock conversion price will rise to $20,352 per share.Following the split, Wheeler anticipates falling below Nasdaq's 500,000 publicly held shares requirement and must submit a compliance plan within two weeks of receiving notice. The company may also face delisting risks if it fails to maintain the $1.00 minimum bid price, as its cumulative reverse split ratio will exceed 250:1 over the past two years.
