Wheeler REIT issues 162,244 common shares in Series B preferred exchange
WHLR•Wheeler Real Estate Investment Trust agreed to issue common shares in exchanges for preferred stock, with terms covering 918,114 shares before a reverse split. The exchanges generated no cash proceeds, and the exchanged preferred shares were retired and canceled.
1. Exchange terms
Wheeler Real Estate Investment Trust agreed to issue common stock in unregistered exchanges for Series B Preferred Stock and Series D Cumulative Convertible Preferred Stock. The agreements cover issuances totaling 918,114 common shares before a reverse split; the Sept. 8 issuance equates to about 21,022 shares after the split.
2. Stilwell investors
Stilwell investors are to receive 566,670 common shares across two exchanges. Joseph Stilwell is a board member tied to the investors. The transactions generated no cash proceeds, and the exchanged preferred shares were retired and canceled.
