Summary by Futu AI
Wheeler Real Estate Investment Trust Inc. reported on January 5, 2024, that it has processed redemption requests from two Series D Preferred Holders, resulting in the redemption of 9,843 shares of Series D Preferred Stock at a price of approximately $37.56 per share. This redemption was settled in Common Stock, with the company issuing 1,205,762 shares. The conversion price for the company's 7.00% Subordinated Convertible Notes due 2031 was adjusted to approximately $0.17 per share of Common Stock, a 45% discount to the lowest conversion price of Series D Preferred Stock in January. Wheeler Real Estate Investment Trust Inc. has issued a total of 53,994,449 shares of Common Stock in settlement of redemptions to date, with 54,975,549 shares of Common Stock and 2,651,958 shares of Series D Preferred Stock outstanding as of January 5, 2024. The company plans to continue issuing unregistered shares of Common Stock for ongoing monthly redemption requests and intends to register these shares to cover the remaining issue of Series D Preferred Stock. The next redemption deadline is January 25, 2024, with the Holder Redemption Date set for February 5, 2024.