Summary by Futu AI
Wheeler Real Estate Investment Trust Inc. has announced the abandonment of its previously planned one-for-six reverse stock split, opting instead for a one-for-five reverse stock split, effective at 5:00 p.m. Eastern Time on June 27, 2024. The company's common stock will begin trading on a split-adjusted basis on June 28, 2024, under a new CUSIP number. This adjustment will also affect the conversion rates and prices for the company's convertible securities, including its Series B and D Convertible Preferred Stock and 7.00% Subordinated Convertible Notes due 2031. The reverse stock split is anticipated to result in the company having fewer than 500,000 publicly held shares, potentially leading to non-compliance with Nasdaq's Publicly Held Shares Rule. Wheeler Real Estate...Show More