Summary by Futu AI
Wheeler Real Estate Investment Trust Inc. reported an adjustment to the conversion price of its 7.00% Subordinated Convertible Notes due 2031 following the August 5, 2024 redemptions of its Series D Cumulative Convertible Preferred Stock. The conversion price was reduced from approximately $14.29 per share to $4.03 per share of common stock, a 45% discount to the lowest conversion price of Series D Preferred Stock at $7.33. This adjustment was made in accordance with the indenture governing the Notes. On the 11th monthly Holder Redemption Date, the company processed 20 redemption requests, redeeming 124,043 shares of Series D Preferred Stock at a price of approximately $38.85 per share. This resulted in the issuance of 657,671 shares of common stock. Cumulatively, Wheeler has redeemed 1,072,674 shares of Series D Preferred Stock to date, issuing approximately 1.2 million shares of common stock post-reverse stock splits. As of August 6, 2024, the company had 1,224,485 shares of common stock and 2,562,873 shares of Series D Preferred Stock outstanding. The next redemption round is scheduled for September 5, 2024, with the deadline for redemption requests set for August 25, 2024.