Wheeler REIT adjusted the conversion price of its 7.00% Subordinated Convertible Notes due 2031 to $1.03 per share following May 2026 Series D Preferred Stock redemptions.
Key takeaways
Conversion price of Notes adjusted to $1.03 per share, a 45% discount to the $1.87 conversion price trigger.
May 2026 redemptions: 13,745 Series D shares redeemed for 301,743 common shares at ~$40.99 per share.
Cumulative redemptions: 1,796,028 Series D shares redeemed for ~502,000 common shares to date.
Outstanding shares as of May 5, 2026: 1,042,613 common and 1,762,819 Series D preferred.
Next redemption deadline is May 25, 2026, with the Holder Redemption Date on June 5, 2026.