Summary by Futu AI
Wheeler Real Estate Investment Trust announced significant adjustments to its 7.00% Subordinated Convertible Notes due 2031. The conversion price has been reduced from $14.29 to approximately $4.03 per common share, representing a 45% discount to $7.33, effective August 5, 2024. This adjustment means approximately 6.20 common shares will be issued for each $25.00 of principal amount converted.In the August 2024 redemption round, the company processed 20 redemption requests for 124,043 Series D Preferred Stock shares at $38.85 per share, settling through the issuance of 657,671 common shares. Cumulatively, the company has redeemed 1,072,674 Series D Preferred Stock shares through 202 redemption requests, issuing approximately 1.2 million common shares. As of August 6, 2024, Wheeler had 1,224,485 common shares and 2,562,873 Series D Preferred Stock shares outstanding.The next monthly redemption deadline is set for August 25, 2024, with the Holder Redemption Date scheduled for September 5, 2024. Redemption forms and FAQs are available on the company's investor relations website.
