Summary by Moomoo AI
Wheeler Real Estate Investment Trust announced a one-for-three reverse stock split of its common stock, effective September 19, 2024, at 5:00 PM ET. Following the split, the stock will begin trading on a split-adjusted basis on Nasdaq Capital Market on September 20, 2024, under a new CUSIP number (963025853) while maintaining its current trading symbol.The reverse split will adjust all outstanding common shares, with fractional shares paid in cash based on the closing price on September 19. The par value will decrease from $0.03 to $0.01 per share. The split will not affect stockholders' relative ownership percentages except for minimal changes from fractional share payments.The conversion rates for the company's securities will be proportionally adjusted: 7.00% subordinated convertible notes will change to 10.53 shares per $25 principal amount, Series B Preferred Stock to $144,000 per share conversion price, and Series D Preferred Stock to $61,056 per share conversion price. The company's incentive plans will also be proportionally adjusted to reflect the split.
