Wheeler Real Estate Investment Trust Inc. announced a one-for-24 reverse stock split of its common stock, set to take effect on May 16, 2024, at 5:00 p.m. Eastern Time. The company filed two Articles of Amendment with the State Department of Assessments and Taxation of Maryland to facilitate the reverse stock split and a subsequent decrease in par value from $0.24 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 Nasdaq Capital Market on the day of the split. The reverse stock split will proportionally adjust the outstanding shares of common stock and the company's operating partnership units, as well as the...Show More

Wheeler Real Estate Investment Trust Inc. announced a one-for-24 reverse stock split of its common stock, set to take effect on May 16, 2024, at 5:00 p.m. Eastern Time. The company filed two Articles of Amendment with the State Department of Assessments and Taxation of Maryland to facilitate the reverse stock split and a subsequent decrease in par value from $0.24 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 Nasdaq Capital Market on the day of the split. The reverse stock split will proportionally adjust the outstanding shares of common stock and the company's operating partnership units, as well as the conversion rates for the company's convertible securities, preferred stock, and incentive plans. The common stock will trade on a split-adjusted basis starting May 17, 2024, under a new CUSIP number, with no change to the number of authorized shares or the company's trading symbol. The announcement also includes forward-looking statements regarding the potential impact of the reverse stock split on the company and the trading price of the common stock.