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. The decision was made following discussions with Nasdaq's listing qualifications staff and was approved by the company's Board of Directors on June 18, 2024. The one-for-five reverse stock split will become effective at 5:00 p.m. Eastern Time on June 27, 2024, with the common stock trading on a split-adjusted basis from the market open on June 28, 2024, under a new CUSIP number. The company filed the necessary amendments with the State Department of Assessments and Taxation of Maryland on June 21, 2024. This reverse stock split will proportionally adjust the outstanding shares...Show More

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. The decision was made following discussions with Nasdaq's listing qualifications staff and was approved by the company's Board of Directors on June 18, 2024. The one-for-five reverse stock split will become effective at 5:00 p.m. Eastern Time on June 27, 2024, with the common stock trading on a split-adjusted basis from the market open on June 28, 2024, under a new CUSIP number. The company filed the necessary amendments with the State Department of Assessments and Taxation of Maryland on June 21, 2024. This reverse stock split will proportionally adjust the outstanding shares of common stock and the company's convertible securities, including the 7.00% subordinated convertible notes due 2031 and the Series B and D Convertible Preferred Stock. It will also result in adjustments to the company's incentive plans. However, the company anticipates that the reverse stock split will result in non-compliance with Nasdaq's Publicly Held Shares Rule due to having less than 500,000 publicly held shares outstanding. Wheeler Real Estate Investment Trust Inc. expects to receive a notification from Nasdaq and will be required to submit a plan to regain compliance. Additionally, if the company's stock price does not meet the Minimum Bid Price Rule, it may face delisting.