Deal sells convertible preferreds and warrants via Maxim and Newbridge
By Devika Patel
Knoxville, Tenn., April 25 - Wheeler Real Estate Investment Trust, Inc. said it priced an $18 million public offering of preferred units.
The company will sell 144,000 preferred units of five 9% series B convertible preferred shares and six warrants at $125.00 per unit. The preferreds will be convertible into common stock at $5.00 per share, a 12.61% premium to the April 24 closing share price of $4.44.
The preferreds will automatically convert into common stock if the 20-day volume-weighted adjusted closing price of the company's common stock exceeds $7.25 on the Nasdaq Capital Market.
Each five-year warrant is exercisable at $5.50. The strike price is a 23.87% premium to the April 24 closing share price.
Maxim Group LLC and Newbridge Securities Corp. are the joint bookrunning managers.
Wheeler is a Virginia Beach real estate investment trust.
| Issuer: | Wheeler Real Estate Investment Trust, Inc.
|
| Issue: | Units of five series B convertible preferred shares and six warrants
|
| Amount: | $18 million
|
| Units: | 144,000
|
| Price: | $125.00
|
| Dividends: | 9%
|
| Conversion price: | $5.00
|
| Warrants: | Six warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.50
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| Bookrunner: | Maxim Group LLC and Newbridge Securities Corp.
|
| Lead managers: | National Securities Corp. and MLV & Co.
|
| Pricing date: | April 25
|
| Stock symbol: | Nasdaq: WHLR
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| Stock price: | $4.44 at close April 24
|
| Market capitalization: | $32.47 million
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