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Wheeler updates on series D redemptions, adjusts conversion price
Chicago, Oct. 6 – Wheeler Real Estate Investment Trust Inc. provided various updates on its series D cumulative convertible preferred stock (Nasdaq: WHLRD) in an 8-K filing with the Securities and Exchange Commission on Friday morning.
The first monthly holder redemption date occurred on Oct. 5.
Holders collectively redeemed 172,241 shares of the series D preferreds at a redemption price of approximately $37.48 per share.
The company chose to settle the redemption price in common stock, with the $2.89 redemption price determined by the volume weighted average of the closing sales price for 10 consecutive trading days.
Based on that price, the company issued 2,236,890 shares of common stock for an aggregate redemption price of $6.46 million.
Series D holders will have another opportunity to redeem their stock.
The deadline for the next monthly round is Oct. 25. The holder redemption date will occur on Nov. 6.
More information can be found on the company’s website at https://ir.whlr.us/series-d/series-d-redemption.
Because more than 100,000 series D shares have already been redeemed, the event triggered a conversion price adjustment in the company’s 7% subordinated convertible notes due 2031.
Accordingly, effective Oct. 5, the conversion price was adjusted to $1.59 per share, or a conversion rate of 15.72 shares per $25.00 principal amount of notes.
Notably, the company has also worked out an agreement to allow CEOF Holdings LP to own more than 9.8% of the company’s common stock. CEOF, a stockholder of the company, now may hold up to 16% of the company’s common stock.
Wheeler is based in Virginia Beach.
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