Series A convertible preferreds sold to fund grocery store acquisition
By Devika Patel
Knoxville, Tenn., June 13- Wheeler Real Estate Investment Trust, Inc. completed a $4.5 million private placement of 9% series A convertible preferred stock on June 10, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 4,500 preferreds at $1,000 apiece.
The preferreds are convertible into common shares at a price equal to 95% of the price at which stock is sold in Wheeler's next publicly registered secondary offering. The preferreds are redeemable at 103.
Proceeds will be used to purchase a 75,000 square foot free-standing grocery store in the Bixby Commons shopping center in Bixby, Okla.
Wheeler is a Virginia Beach, Va., real estate investment trust.
| Issuer: | Wheeler Real Estate Investment Trust, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $4.5 million
|
| Preferreds: | 4,500
|
| Price: | $1,000
|
| Dividends: | 9%
|
| Conversion price: | 95% of price at which stock is sold in Wheeler's next publicly registered secondary offering
|
| Call: | At 103
|
| Warrants: | No
|
| Settlement date: | June 10
|
| Stock symbol: | Nasdaq: WHLR
|
| Stock price: | $6.29 at close June 7
|
| Market capitalization: | $20 million
|
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