Wheeler Real Estate Investment Trust, Inc., a Maryland-based real estate investment trust (REIT), announced on Monday that it has processed redemption requests for its Series D Cumulative Convertible Preferred Stock. According to the company's latest SEC filing, the redemption involved 85,019 shares at an approximate price of $39.42 per share, which includes accrued but unpaid dividends up to the October 7, 2024, Holder Redemption Date.
The company settled the redemptions by issuing 243,336 shares of its common stock. The volume weighted average closing sales price of the common stock on the Nasdaq Capital Market for the ten days preceding the October 5, 2024, redemption date was about $13.77 per share.
Since the initiation of the redemption process, Wheeler REIT has processed a total of 229 redemption requests, redeeming 1,181,598 shares of Series D Preferred Stock. In return, the company has issued approximately 865,000 shares of its common stock, which has been adjusted for the company's reverse stock splits conducted on May 16, June 17, and September 19, 2024.
As of the latest redemption date, Wheeler REIT reported having 896,104 shares of common stock and 2,453,949 shares of Series D Preferred Stock outstanding, both figures adjusted for the reverse stock splits.
The next round of redemptions for the Series D Preferred Stock is scheduled for November 5, 2024, with the deadline for redemption requests set for October 25, 2024. Shareholders interested in the redemption process can find the necessary forms and a list of frequently asked questions on the company's website, as stated in the press release.
The information provided in this article is based on Wheeler Real Estate Investment Trust's filing with the Securities and Exchange Commission.
In other recent news, Wheeler Real Estate Investment Trust, Inc. has made significant adjustments to its financial strategy. The company announced changes to the conversion price of its 7.00% Subordinated Convertible Notes due 2031, following the redemption of its Series D Preferred Stock.
The new conversion price is approximately $0.79 per share of common stock, a substantial discount from the previous price. The Securities and Exchange Commission also approved the company's S-11 registration statement, paving the way for the issuance of over 20 million shares of common stock for the redemption and conversion of its Series D Cumulative Convertible Preferred Stock.
Wheeler REIT also welcomed Rebecca Musser to its Board of Directors, strengthening its governance structure. Despite a notification of non-compliance with the Nasdaq's minimum Publicly Held Shares requirement, the company's common stock remains actively traded on the Nasdaq Capital Market. These are some of the recent developments in the company's financial and governance strategies.
InvestingPro Insights
Recent data from InvestingPro sheds additional light on Wheeler Real Estate Investment Trust's (WHLR) financial situation and stock performance. Despite the recent redemption activity, WHLR's market capitalization stands at a modest $7.85 million. The company's revenue for the last twelve months as of Q2 2024 was $103.17 million, with a revenue growth of 6.98% over the same period.
InvestingPro Tips highlight the stock's volatility, which aligns with the recent corporate actions and stock issuances mentioned in the article. One tip notes that WHLR "Stock generally trades with high price volatility," which investors should consider in light of the recent redemptions and common stock issuances.
Another relevant InvestingPro Tip indicates that WHLR's "Liquid assets exceed short term obligations," suggesting some financial stability despite the ongoing preferred stock redemptions. This could be reassuring for investors concerned about the company's ability to meet its short-term financial commitments.
For readers interested in a more comprehensive analysis, InvestingPro offers 11 additional tips for WHLR, providing a deeper understanding of the company's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.