Summary by Futu AI
Wheeler Real Estate Investment Trust Inc. announced a one-for-six reverse stock split of its common stock, set to take effect on June 18, 2024. The company filed two Articles of Amendment with the State Department of Assessments and Taxation of Maryland to initiate the reverse stock split and to decrease the par value of the common stock from $0.06 to $0.01 per share. Stockholders will not receive fractional shares but will instead be compensated with a cash payment based on the closing price of the stock on the effective date. The reverse stock split will be reflected in the trading of the company's common stock on the Nasdaq Capital Market with a new CUSIP number starting June 20, 2024. This action will proportionally adjust the outstanding shares and the conversion rates of the company's convertible securities, including preferred stock and subordinated convertible notes due 2031. Additionally, the company's incentive plans will be adjusted to reflect the reverse stock split. The company's trading symbol will remain unchanged.