Wheeler REIT Cuts Convertible Notes Conversion Price to $0.54 After September Preferred Redemptions
WHLR is trading near its 52-week low of $0.37 (1.0% above the low).
Summary
Wheeler REIT cut the conversion price on its 7.00% convertible notes to $0.54 after the September Series D preferred redemption, and issued 348,896 common shares to settle 8,200 preferred shares redeemed.
Key Events · Financing and Capital Events · WHLR
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Notes Conversion Price Cut to $0.54
The conversion price on the 7.00% Subordinated Convertible Notes due 2031 was adjusted to approximately $0.54 per share (46.43 shares per $25.00 principal), a 45% discount to the $0.98 reference price.
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September Redemption Settled with 348,896 Shares
Eight Series D Preferred holders redeemed 8,200 shares at $41.66 per share, settled through issuance of 348,896 common shares.
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Cumulative Dilution Reaches 473,000 Shares
To date, 442 redemption requests have redeemed 1,827,228 Series D Preferred shares, with approximately 473,000 common shares issued in aggregate.
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Outstanding Share Counts
As of September 8, 2026, Wheeler had 4,924,701 common shares and 1,726,704 Series D Preferred shares outstanding.
Analysis · WHLR · Real Estate & Construction
The conversion price on Wheeler's 7.00% Subordinated Convertible Notes due 2031 was cut to approximately $0.54 per share — a 45% discount to the $0.98 reference price — after the September 8, 2026 Series D Preferred redemption. This is the latest step in a dilutive spiral: each monthly redemption at a low share price triggers a further downward adjustment to the Notes conversion price, which in turn increases the number of common shares noteholders receive upon conversion. The company also issued 348,896 common shares to settle just 8,200 preferred shares redeemed this month, and cumulative redemptions have now reached 1,827,228 preferred shares with approximately 473,000 common shares issued. With only 4,924,701 common shares outstanding as of September 8, the ongoing conversion-price resets and monthly share issuances continue to erode existing shareholders' ownership.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 30.1% of the 2014 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.11%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, WHLR was trading at $0.37 on NASDAQ in the Real Estate & Construction sector, with a market capitalization of approximately $298.7K. The 52-week trading range was $0.37 to $18,648.00. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.