By Stephanie N. Rotondo
Phoenix, Sept. 12 – Wheeler Real Estate Investment Trust Inc. priced $18 million of units containing 9% series B convertible preferred stock and warrants for common stock on Friday.
A total of 144,000 of the units were sold. The units are immediately separable into five preferred shares and six warrants.
The preferreds carry a conversion price of $5.00 per share. The stock will automatically convert into common shares if the 20-day volume weighted adjusted closing price on the company’s equity exceeds $7.25 per share.
The warrants are good for one share of common stock, with an exercise price of $5.50 per share. They expire April 29, 2019.
Maxim Group LLC and Newbridge Securities Corp. are the joint bookrunning managers. National Securities Corp. and MLV & Co. LLC are the lead managers.
Wheeler Real Estate is a Virginia Beach, Va.-based real estate investment trust.
| Issuer: | Wheeler Real Estate Investment Trust Inc.
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| Securities: | Units holding five preferred shares and one warrant
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| Amount: | $18 million, or 144,000 units
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| Greenshoe: | $2.7 million, or 21,600 units
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| Bookrunners: | Maxim Group LLC and Newbridge Securities Corp.
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| Lead managers: | National Securities Corp. and MLV & Co. LLC
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| Co-managers: | Capitol Securities Management Inc. and i-Bankers Securities Inc.
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| Price: | $125 per unit
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| Convertible Preferred Stock
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| Amount: | 720,000 shares, plus 108,000 overallotment shares
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| Dividend: | 9%
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| Conversion price: | $5.00 per share
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| Mandatory conversion: | If company’s 20-day volume weighted adjusted closing price exceeds $7.50 per share
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| Warrants
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| Exercise price: | $5.50 per share
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| Expiration: | April 29, 2019
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| Pricing date: | Sept. 12
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