Wheeler REIT issues 2.96 million shares in preferred stock exchange deals
WHLR•Preferred stock exchanges convert into common shares
Wheeler Real Estate Investment Trust agreed to issue 2,392,520 common shares in exchanges with six existing securityholders on Aug. 28.
A further 569,627 common shares were agreed for issuance on Sept. 1 in exchanges with two existing securityholders.
No cash proceeds were received; investors swapped Series B Preferred Stock and Series D Cumulative Convertible Preferred Stock, which were retired and cancelled.
The issuances relied on the Securities Act Section 3(a)(9) exemption for exchanges with existing holders.
